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What is the revenue recognized in the income statement

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On July 1, 2021, the first month of the fiscal year, the Gift Certificates account had a balance of $16,000. During July, customers purchased an added $90,000 worth of gift certificates. As of July 31, 2021, $15,000 of certificates were unredeemed.

Problem 1: What is the revenue recognized in the income statement for the month ending July 31, 2021 related to gift certificates?

Reference no: EM132940654

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