Please do not give image format ar. 31, 2025r. 30, 2025Mr.30.2025n. 30, 2025r.30,2025n. 30, 2025n. 30,2025Cost of Goods SoldVInventory(To record sales of cards redeemed)Contract AssetSales Revenue(To record cost of goods sold)Cost of Goods SoldShow Transcribed TextInventory(To record sales of cards redeemed)Cost of Goods SoldCost of Goods SoldInventory(To record sales of cards redeemed).Cost of Goods SoldInventory(To record cost of goods sold)Contract AssetSales RevenueJ(To record sales of cards not redeemed)Ĉ88066052811052800001108886 Crane sells 20 nonrefundable $110 gift cards for 3D printer paper on March 1, 2025. The paper has a standalone selling price of$110 (cost $88). The gift cards expiration date is June 30, 2025. Crane estimates that customers will not redeem 15% of these giftcards (breakage). The pattern of redemption is as follows.March 31April 30June 30DatePrepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30, Crane recognizes breakagewhen cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If noentry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimalplaces, eg. 1.25124 and final answers to O decimal places eg. 58,971. List all debit entries before credit entries. Record journal entries inthe order presented in the problem.)ar. 1, 2025Show Transcribed Textar. 1.2025Redemption Total50 %ar. 31,2025ar: 31,20258085CashAccount Titles and ExplanationLiability to Bonus Point CustomersContract AssetSales Revenue(To record sales of cards redeemed)Contract AssetSales Revenue(To record cost of goods sold)Cost of Goods Sold3ĆDebit22003301100880Credit2211

Gift cards represent a form of advance payment that allows individuals to acquire goods or services…

Prepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. Crane recognizes breakage when cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answers to O decimal places eg. 58,971. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Prepare the 2025 journal entries related to the gift cards at March 1, March 31, April 30, and June 30. Crane recognizes breakage when cards expire (June 30). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round present value factor calculations to 5 decimal places, eg. 1.25124 and final answers to O decimal places eg. 58,971. List all debit entries before credit entries. Record journal entries in the order presented in the problem.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 16EB: Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in...

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