Homework Answers
Gift certificates issued in the prior year and not redeemed in the current year, get expired.
Gift certificate expired in 2019 = Gift certificate, January 1, 2019 - Prior year gift certificates redeemed in 2019
= 600,000-400,000
= $200,000
Unearned revenue on December 31, 2019 = Gift certificate sold during 2019 - Gift certificate sold and redeemed in 2019
= 1,000,000-700,000
= $300,000
The unearned revenue on December 31, 2019 = $300,000
Correct option is C.
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