Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).) Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date General Journal Debit Credit November 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the revenue earned from redemption of gift cards. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Required information [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.2 million in iTunes gift cards in November, and customers redeem $12.2 million of the gift cards in December. Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/levent, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).) Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date General Journal Debit Credit November 30 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the revenue earned from redemption of gift cards. Note: Enter debits before credits. Date General Journal Debit Credit December 31 Record entry Clear entry View general journal
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5PA: Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow...
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