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Find primary difference between revenue and unearned revenue

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Reference no: EM132679954

Problem 1: Walmart's 2020 annual report said the following about its gift card sales:
"Customer purchases of gift cards are not recognized as sales until the card is redeemed and the customer purchases merchandise using the gift card." When a customer redeems a previously purchased gift card, what impact does this transaction have on Walmart's financial statements?

A. Deferred gift card revenue decreases and cash decreases
B. Deferred gift card revenue increases and revenue decreases
C. Deferred gift card revenue decreases and revenue increases
D. Deferred gift card revenue decreases and cash decreases
E. Deferred gift card revenue increases and cash increases

Problem 2: The primary difference between revenue and unearned revenue is:

A. There is no difference. They both appear on the balance sheet at inception.
B. Revenue is posted to the income statement and unearned revenue is posted to the balance sheet.
C. Revenue is posted to the balance sheet and unearned revenue is posted to the income statement.
D. Revenue impacts the cash flow statement and unearned revenue does not.
E. Revenue does not impact the cash flow statement and unearned revenue does.

Reference no: EM132679954

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