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Calculate liability that remain on march balance sheet

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On February 13, Jehan's Candles and Gifts sold $725 worth of gift cards to customers for Valentine's day gifts. During the month of March, $515 worth of gift cards were used to make purchases.

Problem 1: Prepare the journal entries for each of the transactions. Calculate the liability that will remain on the March 31, 2020 balance sheet for Jehan's Candles and Gifts.

Reference no: EM132697847

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