Hello,

I would really appreciate assistance on the last portion of this problem. More specifically,I cannot figure out the journal entry forJune 30th, 2017 transaction on thesection "to record sales of cards not redeemed". Everything else has been corrected on the problem except for that last entry. In advance, thank you so much.

Your answer is partially correct. Try again. Flounder sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2017. The paper has a standalone selling price of $100 (cost $80). The gift cards expiration date is June 30, 2017. Flounder estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Redemption Total March 31 April 30 June 30 50 % 80 85 Prepare the 2017 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)