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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Jul 2017 My Price 11.00

Texas Roadhouse

Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,000. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Texas Roadhouse will remit sales taxes in January.

Required:
1.

Record (in summary form) the $3,000 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2.

Record the $728 in gift cards redeemed. (Hint: The $728 includes a 4% sales tax of $28.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

3.

Determine the balance in the Unearned Revenue account (remaining liability for gift cards) Texas Roadhouse will report on the December 31 balance sheet

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 11:07 PM My Price 11.00

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