On March 31, 2021, a company sells $1,200 of gift cards to customers. The gift cards expire one year from the date of sale. What entry should the company record on March 31, 2021?Multiple ChoiceDebit Cash, $1,200; credit Sales Revenue, $1,200.Debit Sales Revenue, $1,200; credit Cash, $1,200.Debit Cash, $1,200; credit Deferred Revenue, $1,200.No journal entry is necessary.

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Asked Oct 16, 2019
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chapter 8

On March 31, 2021, a company sells $1,200 of gift cards to customers. The gift cards expire one year from the date of sale. What entry should the company record on March 31, 2021?
Multiple Choice
Debit Cash, $1,200; credit Sales Revenue, $1,200.
Debit Sales Revenue, $1,200; credit Cash, $1,200.
Debit Cash, $1,200; credit Deferred Revenue, $1,200.
No journal entry is necessary.
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On March 31, 2021, a company sells $1,200 of gift cards to customers. The gift cards expire one year from the date of sale. What entry should the company record on March 31, 2021? Multiple Choice Debit Cash, $1,200; credit Sales Revenue, $1,200. Debit Sales Revenue, $1,200; credit Cash, $1,200. Debit Cash, $1,200; credit Deferred Revenue, $1,200. No journal entry is necessary.

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Required journal entry on March 31, 2...

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Post Debit (S) Credit Date Accounts and explanation ref. (S) March 31 2021 Cash 1,200 Deferred revenue |(to record the sale of gift card) 1,200

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