60.1K

Verified Solution

Link Copied!

all are part of one question

is it clear now ??

sorry for that

Current Attempt in Progress During February, the last month of the focal year, Be My Valentine Ltd, sells $22.600 of gift cards. From experience management estimates that of the gift cards sold will not be redeemed by customers in March, $4.600 of these cards is redeemed for inerchundise with a cost of $2.500. In April, further $13,800 of these cards is redeemed for merchandise with a cost of $4,600. The company uses a perpetual inventory system Also in February, Be My Valentine had $1.000 of unused gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used Prepare journal entries to record the transactions for February March, and April (Enter debit entries fint followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts. Round answers to decimal places, es 125) Date Account Titles and Explanation Debit Credit Feb Cash 22600 Gift Card Liability (Cash received for gift cards) Gant Card Liability 1808 Sales Revenue To record breakage) Gift Card Libility Mary 4600 (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 [To record cost of merchandise GR Card (To record breakage) Question 1 of 6 -122 (To record breakage) Gift Cardi MV 400 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue (To record breakage) Gift Card Liability Apr. 13000 I 4600 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold Inventory (To record cost of merchandise Gift Card Liability 4600 2392 Sales Revenue (To record breakage) How much income of any was earned in each of these months? Round answers to decimal places. 125) February March $ April $ 1008 Sales revenue Cost of goods sold 0 Gross margin $ $ e Textbook and Media List of Accounts What liability (if any) would appear on the company's statement of financial position at the end of each of these month? Round answers to decimal places, e8. 125) $ Balance, February 28 $ Balance, March 31 $ Balance, April 30 Current Attempt in Progress During February, the last month of the fiscal year. Be My Valentine Ltd. sells $22.600 of gift cards. From experience, management estimates that 8% of the gift cards sold will not be redeemed by customers. In March, 54,600 of these cards is redeemed for merchandise with a cost of $2,500. In April, further $13.800 of these cards is redeemed for merchandise with a cost of $4,600. The company uses a perpetual inventory system. Also in February, Be My Valentine had $1,000 of unused gift cards that were over one year old and were not expected to be used. The amount was in line with the company's normal breakage and all other gift cards of the same age had been used Prepare journal entries to record the transactions for February March, and April. (Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No entry for the account titles and enter O for the amounts Round answers to decimal places, eg. 125) Account Titles and Explanation Debit Credit Date Feb Cash 22600 Gift Card Liability 22 (Cash received for gift cards) Gift Card Liability 1808 11 Sales Revenue (To record breakage) Gift Card Liability Mar. 4600 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold Inventory 2500 -/22 Prepare journal entries to record the transactions for February March, and April (Enter debit entries first folowed by Credit entries. Credit account titles are automatically indented when the amount is entered. Dometindent money no entry is required select "No entry for the account titles and enter for the amounts Round answers to decimal places 125 Date Account Titles and Explanation Cash Debit Feb. Credit 22.600 Gift Card Liability (Cash received for gift cards) Gift Card Liability 1800 Sales Revenue (To record breakage) Gift Card Liability Mar 4600 Sales Revenue I (Gift cards redeemed for merchandise) Cost of Gooth Solid 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue (To record breakage) Gift Card Liability Apr V 13800 13 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold 4600 41 Inventory (To record cost of merchandise) Question 1 of 6 > -122 Cost of Goods Sold 2500 Inventory (To record cost of merchandise) Gift Card Liability Sales Revenue (To record breakage) Apr Gift Card Liability 13800 Sales Revenue (Gift cards redeemed for merchandise) Cost of Goods Sold 4600 I Inventory (To record cost of merchandise) Gift Card Liability 2392 Sales Revenue 2 (To record breakage) e Textbook and Media List of Accounts if any was earned in each of these months? (Round answers to decimal places, eg. 125.) -122 List of Accounts How much income (if any) was earned in each of these months? (Round answers to decimal places, ex 125) February $ Sales revenue March $ 1808 April $ Cost of goods sold 0 Gross margin $ $ e Textbook and Media List of Accounts What liability (if any) would appear on the company's statement of financial position at the end of each of these months? (Round answers to decimal places, eg. 125) $ Balance, February 28 Balance, March 31 $ Balance, April 30 $ e Textbook and Media List of Accounts

Answer & Explanation Solved by verified expert

See Answer