Valix Finacc vol 2 Problem 1-38

Financial Accounting Volume 2 2008 Valix-Peralta
Chapter 1 Problem 1-38

2008 Sales of gift certificates (2,500,000 x 90%)                                                   2,250,000

Less: 2007 Redemption of current year sales                                                      1,750,000

Unearned revenue – December 31, 2008                                                              500,000

                                                           

Unredeemed – January 1, 2008                                                                               750,000

Less: 2008 Redemption of prior year sales                                                             250,000

Expired gift certificates                                                                                              500,000