During 2014 PAG Ltd., a clothing store, sold gift certificates totalling $42,500.By December 31, $18,250 of them had been redeemed for merchandise.What would be reported on PAG's financial statements for 2014 related to the sale and redemption of the gift certificates?
A) Sales $42,500, Accounts receivable $24,250.
B) Sales $42,500, Unearned revenue $24,250.
C) Sales $18,250, Accounts receivable $24,250.
D) Sales $18,250, Unearned revenue $24,250.
Correct Answer:
Verified
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