Question

Logan's Roadhouse opened a new restaurant in November. During its first two months of operation, the restaurant sold gift cards in various amounts totaling $2,300. The cards are redeemable for meals within one year of the purchase date. Gift cards totaling $742 were presented for redemption during the first two months of operation prior to year-end on December 31. The sales tax rate on restaurant sales is 6%, assessed at the time meals (not gift cards) are purchased. Logan's will remit sales taxes in January points Salgoed Required: 1. & 2. Record (in summary form the $2,300 in gift cards sold keeping in mind that, in actuality, each sale of a gift card or a meal woul be recorded individually, and the $742 in gift cards redeemed. (Hint. The $742 includes a 6% sales tax of $42) (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction ist Deference Journal entry worksheet 12 Record the cash received for gift cards. Note: Enter debits before credits General Journal Transaction 1 Debit Credit Record entry Clearowy View general journal

Answer 1

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