JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the current year: P 250,000 1,745,000 1,483,250 80,000 25% Unearned gift certificates revenue, January 1 Gift certificates sold Gift certificates redeemed Gift certificates which expired Gross profit rate based on cost
JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the current year: P 250,000 1,745,000 1,483,250 80,000 25% Unearned gift certificates revenue, January 1 Gift certificates sold Gift certificates redeemed Gift certificates which expired Gross profit rate based on cost
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 34E
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What amount should be reported for the year ended December 31 as:
Unearned gift certificates revenue
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