The store sold 28 gift cards for $100 per card. at year-end, 23 of the gift cards are redeemed. Shamrock expects three of the cards to expire unused. Record the redemption and expected breakage revenue.
The store sold 28 gift cards for $100 per card. at year-end, 23 of the gift cards are redeemed. Shamrock expects three of the cards to expire unused. Record the redemption and expected breakage revenue.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The store sold 28 gift cards for $100 per card. at year-end, 23 of the gift cards are redeemed. Shamrock expects three of the cards to expire unused. Record the redemption and expected breakage revenue.
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That was my answer and it was incorrect, as far as the Breakage revenue. See image.
Transcribed Image Text:ec. 1-31 V
Unearned Gift Card Revenue
Sales Revenue
Sales Revenue (Breakage)
(To record redemption and expected breakage revenue)
110
2600
2300
300
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