Solved: The sold merchandise cost mayzs 250000 what journal entires, Accounting Basics

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The sold merchandise cost mayzs 250000 what journal entires

Question - Mayz's sells $1,000,000 dollars of gift cards on November 30. As of December 31$500,000 of those gift cards have been redeemed for merchandise that sells for $500,000. The sold merchandise cost Mayz's $250,000. What journal entires should Mayz's make on November 30 and December 31? Explain your answer.

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Accounting Basics: The sold merchandise cost mayzs 250000 what journal entires

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