Goodbuy sells gift cards redeemable for goodbuy products, Financial Accounting

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Goodbuy sells gift cards redeemable for goodbuy products

GoodBuy sells gift cards redeemable for GoodBuy products either in store or online. During 2016 GoodBuy sold $1,000,000 of gift cards, and $840,000 of gift cards were redeemed for products. As of of December 31, 2016, $30,000 of the remaining gift cards had passed the date at which GoodBuy concludes that the gift cards will never be redeemed. How much gift card revenue should Good Buy recognize in 2016?

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Financial Accounting: Goodbuy sells gift cards redeemable for goodbuy products

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Financial Accounting: Goodbuy sells gift cards redeemable for goodbuy products

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