Fnaroah Limited sells a $600 gift card to a customer on January 1 , with...
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Fnaroah Limited sells a $600 gift card to a customer on January 1 , with no expiry date. Based on past gitt card aties. 25\% of gitt cards are redeemed and 15% are unexercised. Pharoah feels that this information has good predictive value and estimates that is % of the gift card value will remain unredeemed. On December 31, the customer makes one purchase of $50 using the gift cand. How should the company account for this sale? Show journal entries. (Credit occount tities are outomotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts Liat all debit entries before credit entries, Record journal entries in the order presented in the problem. Round answers to 0 decimal ploces, eg.5.275
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