Maurice Tutor

(5)

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About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 09 Sep 2017 My Price 9.00

CircuitTown

Gift Cards

CircuitTown commenced a gift card program in January 2016 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2016 before discontinuing further gift card sales. During 2016, gift card redemptions were $6,000 for the January gift cards sold, $4,500 for the February cards, and $4,000 for the March cards. CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale.

Required:

1. How much revenue will CircuitTown recognize with respect to January gift card sales during 2016?

2. Prepare journal entries to record the sale of January gift cards, redemption of gift cards (ignore sales tax), and breakage (expiration) of gift cards.

3. How much revenue will CircuitTown recognize with respect to March gift card sales during 2016? 4. What liability for deferred revenue associated with gift card sales would CircuitTown show as of December 31,

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Sep 2017 08:09 PM My Price 9.00

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