Question: Exercise 8 - 1 0 ( Static ) Analyze and record deferred revenues ( LO 8 - 4 ) Apple Incorporated is one of the

Exercise 8-10(Static) Analyze and record deferred revenues (LO8-4)
Apple Incorporated is one of the top online music retailers through its iTunes music store. Assume Apple sells $21 million in iTunes gift cards in November, and customers redeem $14 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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