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Prepare journal entries on Super Circuit books

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Reference no: EM132884174

Problem - Unearned Revenue: Gift Certificates - On December 5, 2019, Super Circuit Store sold gift certificates totaling $12,000. By December 31, 2019, all but $2,125 worth of these certificates had been redeemed for merchandise. Outstanding certificates were then redeemed by January 15, 2020.

Required -

1. Prepare journal entries on Super Circuit's books to reflect the preceding transactions.

2. How would the gift certificates be reported on Super Circuit's balance sheet on December 31, 2019?

Reference no: EM132884174

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