Problem $8-6$B $($Algo$)$ Record deferred revenues and sales taxes $($LO$8-4)$

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 $$1,800.$ The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $$689$ 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.

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& $2.$ Record $($in summary form$)$ the $$1,800$ in gift cards sold $($keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually$)$ and the $$689$ in gift cards redeemed. $($Hint$.$ The $$689$ includes a $6\%$ sales tax of $$39.)$

Determine the balance in the Deferred Revenue account $($remaining liability for gift cards$)$ to be reported on the December $31$ balance sheet.