Presented below are selected transactions of Pearl Restaurant for the month ending August 31, 2025.Pearl sells 80 gift cards at $78 per gift card and 55 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not beredeemedb.Pearl accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will bereturned after the dinner is held.Prepare entries for the Pearl transactions. Of no entry is required, select "No Entry for the account titles and enter O for the amounts. Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List oll debit entriesbefore credit entries. Round Intermediate calculations to 2 decimal places, eg. 15.25% and final answers to O decimal places, eg. 5.125)TransactionAccount Titles and ExplanationDebitDate(To record the sale of 80 gift cards)Credit

INTRODUCTION: A journal entry is used to record a business transaction in a company's accounting…

Presented below are selected transactions of Pearl Restaurant for the month ending August 31, 2025. Pearl sells 80 gift cards at $78 per gift card and 55 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed b. Pearl accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will be returned after the dinner is held

Presented below are selected transactions of Pearl Restaurant for the month ending August 31, 2025. Pearl sells 80 gift cards at $78 per gift card and 55 of the gift cards are redeemed by year end. It is estimated that 10 of the gift cards will not be redeemed b. Pearl accepted a reservation for its private dining room for a rehearsal dinner in September. It received a security deposit of $300, which will be returned after the dinner is held

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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