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
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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.
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 are
automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List oll debit entries
before credit entries. Round Intermediate calculations to 2 decimal places, eg. 15.25% and final answers to O decimal places, eg. 5.125)
Transaction
Account Titles and Explanation
Debit
Date
(To record the sale of 80 gift cards)
Credit
Transcribed Image Text: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. 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 are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List oll debit entries before credit entries. Round Intermediate calculations to 2 decimal places, eg. 15.25% and final answers to O decimal places, eg. 5.125) Transaction Account Titles and Explanation Debit Date (To record the sale of 80 gift cards) Credit
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