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Bavarian Bar and Grill opened for business in November 2024. During its first two months of operation, the restaurant sold glft cards in various amounts totaling $8,400, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of glft cards are redeemed within one year. Glft cards totaling $2,900 were presented for redemption during 2024 for meals having a total price of $3,300. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted In January. Required: 1. Prepare the approprlate journal entries (in summary form) for the glft cards and meals sold during 2024 (keeping in mind that, in actuality, each sale of a glft card or a meal would be recorded individually). 2. Determine the llability for glft cards to be reported on the December 31,2024 , balance sheet. 3. What is the appropriate classification (current or noncurrent) of the ilabilities at December 31,2024 ? Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries (in summary form) for the gift cards and meals sold during 2024 (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Note: Enter debits before credits. Bavarian Bar and Grill opened for business in November 2024. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $8,400, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of glft cards are redeemed within one year. Glft cards totaling $2,900 were presented for redemption during 2024 for meals having a total price of $3,300. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not glft cards) are purchased. Sales taxes will be remitted in January. Required: 1. Prepare the approprlate journal entries (in summary form) for the glft cards and meals sold during 2024 (keeping in mind that, in actuality, each sale of a glft card or a meal would be recorded individually). 2. Determine the llability for glft cards to be reported on the December 31,2024 , balance sheet. 3. What is the appropriate classification (current or noncurrent) of the liabilities at December 31,2024 ? Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entries (in summary form) for the gift cards and meals sold during 2024 (keeping in mind that, in actuality, each sale of a gift card or a meal would be recorded individually). Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record redemption of gift cards and meals sold in 2024 and redeemed in 2024. Note: Enter debits before credits. Bavarlan Bar and Grill opened for business in November 2024. During its first two months of operation, the restaurant sold glft cards in varlous amounts totaling $8,400, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of glft cards are redeemed within one year. Glft cards totaling $2,900 were presented for redemption during 2024 for meals having a total price of $3,300. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. Sales taxes will be remitted in January. Required: 1. Prepare the approprlate journal entries (in summary form) for the glft cards and meals sold during 2024 (keeping in mind that, In actuality, each sale of a glft card or a meal would be recorded individually). 2. Determine the liability for glft cards to be reported on the December 31,2024 , balance sheet. 3. What is the appropriate classification (current or noncurrent) of the liabilities at December 31,2024 ? Complete this question by entering your answers in the tabs below. Determine the liability for gift cards to be reported on the December 31, 2024, balance sheet. Bavarian Bar and Grill opened for business in November 2024. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $8,400, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 70% of glft cards are redeemed within one year. Glft cards totaling $2,900 were presented for redemption during 2024 for meals having a total price of $3,300. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not glft cards) are purchased. Sales taxes will be remitted In January. Required: 1. Prepare the approprlate journal entries (in summary form) for the glft cards and meals sold during 2024 (keeping in mind that, in actuality, each sale of a glft card or a meal would be recorded Individually). 2. Determine the llability for glft cards to be reported on the December 31,2024 , balance sheet. 3. What is the appropriate classification (current or noncurrent) of the liabilities at December 31,2024 ? Complete this question by entering your answers in the tabs below. What is the appropriate classification (current or noncurrent) of the liabilities at December 31,2024

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