Question: hello please help with my journal entries and calculating deferred revenue thank you! 5 Check my wort Problem 8-6B Record deferred revenues and sales taxes

hello please help with my journal entries and calculating deferred revenue
thank you!
hello please help with my journal entries and calculating deferred revenue thank
you! 5 Check my wort Problem 8-6B Record deferred revenues and sales
taxes (L08-4) 2 paints Skipped Logan's Roadhouse opened a new restaurant in

5 Check my wort Problem 8-6B Record deferred revenues and sales taxes (L08-4) 2 paints Skipped Logan's Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $1,300. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $636 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan's will remit sales taxes in January Required: 1. & 2. Record (in summary form) the $1,300 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $636 in gift cards redeemed. (Hint The $636 includes a 6% sales tax of $36) (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) eBook Pax View transaction list References Journal entry worksheet 1 2 Record the cash received for gift cards. Note Enter debits before credits Transaction Debit Credit 1 Record entry View general journal General Journal Clear entry 5 2 points Problem 8-68 Record deferred revenues and sales taxes (LO8-4) Logan's Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $1,300. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $636 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan's will remit sales taxes in January. Required: *Book 1. & 2. Record (in summary form) the $1,300 in gift cards sold (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually) and the $636 in gift cards redeemed. (Hint The $636 includes a 6% sales tax of $36) (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Pent View transaction list References Journal entry worksheet

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