50.1K

Verified Solution

Link Copied!

I need the work to these. I have answers available but I need to understand how the numbers were found.

Skysong sells 20 nonrefundable $100 gift cards for 3D printer paper on March 1, 2020. The paper has a standalone selling price of $100 (cost \$80). The gift cards expiration date is June 30, 2020. Skysong estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Prepare the 2020 journal entries related to the gift cards at March 1. March 31, April 30, and June 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required select "No entry" for the account titites and enter 0 for the amounts. Round present value factor calculations to 5 decimal places, es. 1.25124 and the final answer to 0 decimal placeseg. 58,971.) Sales Revenue Inventory (To record sales of cards redeemed) Contract Liability 1800 (To record cost of goods sold) (To record cost of goods sold) 181 (To record sales of cards redeemed) (Fo record cost of goods sold) (To record sales of cards redeemed) (To record cost of goods sold) (To record sales of cards not redeemed) stion 35 of 44 Mar. 1,2020 Cash Uneamed Sales Revenue Mar.31,2020 Uneamed Sales Re Sales Revenue (To record sales of cards redeemed) Question 35 of 44 (To record sales of cards redeemed) \begin{tabular}{l} Cost of Goods Sold \\ imventory \\ \hline \end{tabular} (To record cost of goods sold) (To record sales of cards not redeemed) Attempts: 1 of 1 used

Answer & Explanation Solved by verified expert

See Answer