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Ivanhoe Taco Palace sells 240 gift cards at $65 per gift card and 120 of...

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Accounting

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Ivanhoe Taco Palace sells 240 gift cards at $65 per gift card and 120 of the gift cards are redeemed by year-end. Prepare the journal entries. (Ignore Cost of Goods Sold and possible breakage.) (If no entry is required, select "No Entry" for the account tittes and enter O for the amounts. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) (To record sale of gift cards) (To record the redemption of gitt cards)

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