Apple Inc. is the number one online music retailer through its iTunes music store. Apple...
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Accounting
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 $19.7 million in iTunes gift cards in November, and customers redeem $12.7 million of the gift cards in December.
a) Record the receipt cash for gift cards.
b) Record the revenue recognized from redemption of gift cards.
c) What is the ending balance in the Deferred Revenue account?
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