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8&9: Apple Inc. is the number one online music retailer through its iTunes music...

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Question

Accounting

8&9:

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 $20.0 million in iTunes gift cards in November, and customers redeem $13.0 million of the gift cards in December.

8.

value: 10.00 points

Required information

Required:

1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).)

9-

3. What is the ending balance in the Deferred revenue account? (Enter your answer in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)

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Required: 1. & 2. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transactionle View transaction list Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record entry Clear entry View general journal

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