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On November 15, 2020, Katie from the small office business Custom Graphics contacted Sarah to...

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Accounting

  1. On November 15, 2020, Katie from the small office business Custom Graphics contacted Sarah to purchase gift cards for the holiday season. Katies boss gave her $4,000 to purchase 50 gift cards with a value of $80 each from Sarah.
  2. During the month of December, 45 of the $80 gift cards were used in full by staff members of Custom Graphics.

  3. . Calculate the liability that will remain on the December 31, 2020 balance sheet for Sarahs Pottery and Gift Store. (Round the final answer to the nearest whole dollar amount.)

    REQUIRED

1-b. Calculate the liability that will remain on the December 31, 2020 balance sheet for Sarahs Pottery and Gift Store. (Round the final answer to the nearest whole dollar amount.)

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