Question: Exercise 8 - 1 0 ( Algo ) Analyze and record deferred revenues ( LO 8 - 4 ) Watermelon sells gift cards in $

Exercise 8-10(Algo) Analyze and record deferred revenues (LO8-4)
Watermelon sells gift cards in $15, $25, and $50 increments. Assume Watermelon sells $19.7 million in iTunes gift cards in November, and customers redeem $12.7 million of the gift cards in December.
Required:
1. & 2. Record the necessary entries in the Journal Entry Worksheet below.
3. What is the ending balance in the Deferred Revenue account?

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