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Prepare the entries s made to record

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Problem 1: In 2019, S began selling S Company gift cards. During 2019, S sold $750,000 of these gift cards. During 2019, customers redeemed $450,000 of S's gift cards. Although there are no expiration dates on S's gift cards, S estimates that 10% of the gift cards it sells will never be redeemed. S operates in jurisdictions where it is not required to remit unredeemed gift card balances to government agencies under unclaimed property laws. S only prepares AJEs every 12-31. Prepare the 2019 entries S made:

a. to reflect gift card sales.
b. to reflect gift card redemptions.
c. to record 12-31's AJE for estimated gift card breakage income.

Reference no: EM132772185

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