Record the advance collection for itunes gift cards

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Reference no: EM131521585

Question: Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $20 million in iTunes gift cards in December, and customers redeem $13 million of the gift cards.

Required: 1. Record the advance collection of $20 million for iTunes gift cards.

2. Record the revenue earned when $13 million in gift cards is redeemed.

Reference no: EM131521585

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