Valix Finacc vol 2 Problem 1-35

Financial Accounting Volume 2 2008 Valix-Peralta
Chapter 1 Problem 1-35

1. Cash                                                                                                  500,000

            Gift certificates payable                                                                               500,000

2. Gift certificates payable                                                                     400,000

            Sales                                                                                                            400,000

3. Gift certificates payable                                                                       40,000

            Forfeited gift certificates (8% x 500,000)                                                       40,000