Solved

Georgia's Salon The Salon Sells $50,000 of Gift Cards in May 2013

Question 151

Multiple Choice

Georgia's Salon
The salon sells $50,000 of gift cards in May 2013. These gift cards may be used anytime before their expiration on May 31, 2014.
-Refer to Georgia's Salon. During May 2013, $10,000 of the gift cards were redeemed for salon services. Which of the following is the correct journal entry to record the redemption of the gift cards?


A) Unearned Sales Revenue 10,000 Accounts Payable 10,000
B) Unearned Sales Revenue 10,000 Cash 10,000
C) Prepaid Sales Revenue 10,000 Sales Revenue 10,000
D) Unearned Sales Revenue 10,000 Sales Revenue 10,000

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents