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Write down the journal entry in staggerwing ledger

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A company called Staggerwing is operating a chain of stores selling clutter. Staqqerwing sells gift certificates that can be used to buy merchandise and these aift certificates expires after 1 year. On 1 December 2015, a gift certificate of $200 was sold to a customer. That gift certificate was used to buy merchandise for $160 on 23 December 2015 that originally cost Staggerwing $90 to buy. The remaining $40 was still left on the gift card when it expired on 1 December 2016.

Problem 1: Write down the journal entry (if any) in Staggerwing's ledger in relation to the sale of the gift certificate and the sale of the goods, and indicate the dates when the journal entries are recorded.

Reference no: EM132931481

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