Solved: Outstanding certificates were then redeemed by january 15, Accounting Basics

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Outstanding certificates were then redeemed by january 15

On December 5, 2010, Super Circuit Store sold gift certificates totaling $4,000. By December 31, 2010 all but $750 worth of these certificates had been redeemed for merchandise. Outstanding certificates were then redeemed by January 15, 2011.

Required:
1. Prepare journal entries on Super Circuit Store's books to reflect the preceding transactions.
2. How would the gift certificates be reported on Super Circuit's balance sheet on December 31, 2010?

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Accounting Basics: Outstanding certificates were then redeemed by january 15

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Accounting Basics: Outstanding certificates were then redeemed by january 15

Reference No:- TGS01157276

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