AAA Company sells gift certificates that expire one year after their issuance. Information on gift certificates is shown below: Unearned revenue – gift certificates, January 1, 2020 - 600,000 Gift certificates sold during 2019 - 1,000,000 Prior year gift certificates redeemed in 2020 - 400,000 Gift certificates sold and redeemed in 2020 - 700,000 How much is the unearned revenue from gift certificates as of December 31, 2020?

AAA Company sells gift certificates that expire one year after their issuance. Information on gift certificates is shown below: Unearned revenue – gift certificates, January 1, 2020 - 600,000 Gift certificates sold during 2019 - 1,000,000 Prior year gift certificates redeemed in 2020 - 400,000 Gift certificates sold and redeemed in 2020 - 700,000 How much is the unearned revenue from gift certificates as of December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 10E

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