yeidiyan9013 yeidiyan9013

06-06-2020
Business

contestada

Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $19.8 million in iTunes gift cards in November, and customers redeem $12.8 million of the gift cards in December.

Required:
a. Record the receipt of cash for gift cards.
b. Record the revenue earned from redemption of gift cards.
c. What is the ending balance in Deferred revenue?

Respuesta :

Tundexi Tundexi

08-06-2020

Answer:

a and b is recorded in the attached

c=$19,800,000 - $12,800,000 = $7,000,000

Explanation:

Kindly check the attached word file for the records

Ver imagen Tundexi

Answer Link

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