Intermediate Accounting II ACT-3392

In 2019, S began selling S Company gift cards. During 2019, S sold $750,000 of these gift cards. During 2019, customers redeemed $450,000 of S’s gift cards. Although there are no expiration dates on S’s gift cards, S estimates that 10% of the gift cards it sells will never be redeemed. S operates in jurisdictions where it is not required to remit unredeemed gift card balances to government agencies under unclaimed property laws. S only prepares AJEs every 12-31. Prepare the 2019 entries S made:

a. to reflect gift card sales.

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b.to reflect gift card redemptions.

c.to record 12-31’s AJE for estimated gift card breakage income

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