Equinox is a local boutique that sells gift cards especially before holidays. At November 30, the...
Equinox is a local boutique that sells gift cards especially before holidays. At November 30, the company’s Deferred gift card revenue account had a balance of $400. During December, the company sold additional gift cards in the amount of $5,000, customers redeemed $1,000 of gift cards, and unused gift cards in the amount of $300 expired. What is the balance of Deferred gift card revenue that will be reported at December 31?
Homework Answers
Calculate balance of deferred card revenue at december 31 :
Ending balance of deferred card revenue = 400+5000-1000-300 = $4100
So answer is $4100
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Equinox is a local boutique that sells gift cards especially
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