Exercise $8-10($Algo$)$ Analyze and record deferred revenues $($LO$8-4)$

Watermelon sells gift cards in $$15,$$$25,$ and $$50$ increments. Assume Watermelon sells $$19\mathrm{.}4$ million in iTunes gift cards in November, and customers redeem $$12\mathrm{.}4$ million of the gift cards in December.

Required:

& $2.$ Record the necessary entries in the Journal Entry Worksheet below.

What is the ending balance in the Deferred Revenue account?

Complete this question by entering your answers in the tabs below.

References

Journal entry worksheet

$1$

$2$

Record the cash sale of gift cards in November.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$November $30,,,],[,,,],[,,,],[,,,]]$

Print

References

Journal entry worksheet

$1$

Record gift cards redeemed in December.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,]]$

Complete this question by entering your answers in the tabs below.

Req $3$

What is the ending balance in the Deferred Revenue account? $($Enter your answer in dollars, not in millions. $($i$.$e$.5\mathrm{.}5$ million should be entered as $5,500,000).)$

Ending balance

Exercise $8-10($Algo$)$ Analyze and record deferred revenues $($LO$8-4)$

Watermelon sells gift cards in $$15,$$$25,$ and $$50$ increments. Assume Watermelon sells $$19\mathrm{.}4$ million in iTunes gift cards in November, and customers redeem $$12\mathrm{.}4$ million of the gift cards in December.

Required:

& $2.$ Record the necessary entries in the Journal Entry Worksheet below.

What is the ending balance in the Deferred Revenue account?

Complete this question by entering your answers in the tabs below.

References

Journal entry worksheet

$1$

$2$

Record the cash sale of gift cards in November.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$November $30,,,],[,,,],[,,,],[,,,]]$

Print

References

Journal entry worksheet

$1$

Record gift cards redeemed in December.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$December $31,,,],[,,,],[,,,],[,,,]]$

Complete this question by entering your answers in the tabs below.

Req $3$

What is the ending balance in the Deferred Revenue account? $($Enter your answer in dollars, not in millions. $($i$.$e$.5\mathrm{.}5$ million should be entered as $5,500,000).)$

Ending balance