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What impact does transaction have on walmart financial

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Reference no: EM132667672

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."

Problem 1: 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

Reference no: EM132667672

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