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


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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