Watermelon sells gift cards in $15, $25, and $50 increments. Assume Watermelon sells $20.6 million in...
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Watermelon sells gift cards in $15, $25, and $50 increments. Assume Watermelon sells $20.6 million in iTunes gift cards in November, and customers redeem $13.6 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account? Watermelon sells gift cards in $15, $25, and $50 increments. Assume Watermelon sells $20.6 million in iTunes gift cards in November, and customers redeem $13.6 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. 3. What is the ending balance in the Deferred Revenue account?
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