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For the question : record redemption of gift certificates in 2013, I put liability gift certificates as 1300 which is marked correct but when I put a credit to cash for 1300 it shows that cash is right account to put but 1300 is wrong, is there another account I have to add in between?
Please help with steps :
Bavarian Bar and Grill opened for business in November 2013. During its first two months of operation, the restaurant sold gift certificates in various amounts totaling $5,200, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift certificates are redeemed within one year. Certificates totaling $1,300 were presented for redemption during 2013 for meals having a total price of $2,100. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift certificates) are purchased. Sales taxes will be remitted in January.
Required:
1.
Prepare the appropriate journal entries (in summary form) for the gift certificates sold during 2013 (keeping in mind that, in actuality, each sale of a gift certificate or a meal would be recorded individually). (If no entry is required for a event, select "No journal entry required" in the first account field.)
Please help with steps :
Bavarian Bar and Grill opened for business in November 2013. During its first two months of operation, the restaurant sold gift certificates in various amounts totaling $5,200, mostly as Christmas presents. They are redeemable for meals within two years of the purchase date, although experience within the industry indicates that 80% of gift certificates are redeemed within one year. Certificates totaling $1,300 were presented for redemption during 2013 for meals having a total price of $2,100. The sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift certificates) are purchased. Sales taxes will be remitted in January.
Required:
1.
Prepare the appropriate journal entries (in summary form) for the gift certificates sold during 2013 (keeping in mind that, in actuality, each sale of a gift certificate or a meal would be recorded individually). (If no entry is required for a event, select "No journal entry required" in the first account field.)
Accounting Journal Entry Question?
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