Subsequent to the close of December 31, Year 1, ABC Theaters' auditors identified ABC Theaters collected $25,000 cash and $25,000 on account per gift card transactions (not redeemed) and recorded the entire amount as revenue. Question Yes/No Amount Total Current Liabilities Is ABC Theaters' current liabilities impacted by the transaction? If yes, input the amount of the impact on current liabilities. If no, enter $0. Input the total current liabilities after this transaction. Yes $50,000 $218,000 3. What is the entry that should have been recorded for the sale of the gift cards? Record debits as positive numbers and credits as negative. If no entry is required, enter zero. What effect does the $25,000 cash and $25,000 on account per gift card transactions have on the following ratios? 

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