C ezto.mheducation.com/hm.tpx Apple Inc. is the number one online music retailer

Question

C ezto.mheducation.com/hm.tpx 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 $19.0 million in iTunes gift cards in November, and customers redeem $12.0 million of the gift cards in December. value: 2.00 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).) Vicw transaction list Journal entry worksheet 2 Record the receipt of cash for gift cards. Note: Enter debits before credits. Date General Journal Debit Credit November 30

Explanation / Answer

Nov-30 Cash 19000000       Deferred revenue 19000000 Dec-31 Deferred revenue 12000000        Sales revenue 12000000

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