Current Attempt in Progress Your answer is partially correct. Listed below are selected transactions of Carla Department Store for the current year ending December 31. 1. On December 5, the store received $540 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $809,550, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. 4. On December 10, the store purchased for cash three delivery trucks for $126,500. The trucks were purchased in a state that applies a 5% sales tax. The store sold 32 gift cards for $100 per card. At year-end, 27 of the gift cards are redeemed. Carla expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry. For simplicity, assume that adjusting entries are recorded only once a year on December 31. (Ignore Cost of Goods Sold.) (If 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 journal entries in the order presented in the problem. List all debit entries before credit entries. Round intermediate calculations to 4 decimal places, e.g. 0.2345 and fimal answer to O decimal places, e.g. 2,1324.) Date Account Titles and Explanation Dec. 5 ✓ Cash Dec. 1-31 Cash Sales Revenue Sales Taxes Payable Dec. 10 Trucks Dec. 1-31 Dec. 31 < Cash (To record sale of 32 gift cards) Unearned Gift Card Revenue (To record redemption and expected breakage revenue) Debit 540 809550 132825 Credit 54 77100 3855

Listed below are selected transactions of Splish Department Store for the current year ending December 31. On December 5, the store received $470 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 1. 2. 3. 4. During December, cash sales totaled $802.200, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. On December 10, the store purchased for cash three delivery trucks for $121.600. The trucks were purchased in a state that applies a 5% sales tax The store sold 30 gift cards for $100 per card. At year-end, 25 of the gift cards are redeemed. Splish expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…

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Listed below are selected transactions of Schultz Department Store for the current year ending December 31. 1. On December 5, the store received $500 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. 4. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. The store sold 25 gift cards for $100 per card. At year-end, 20 of the gift cards are redeemed. Schultz expects three of the cards to expire unused. Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries relative to the transactions that would be required to present fair financial statements at December 31. Date each entry.…