Business, 09.11.2019 05:31 paulitaaustin

Texas roadhouse opened a new restaurant in october. during its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,000. the cards are redeemable for meals within one year of the purchase date. gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on december 31. the sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. texas roadhouse will remit sales taxes in january.

required:
1.
record (in summary form) the $3,000 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually). (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

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Texas roadhouse opened a new restaurant in october. during its first three months of operation, the...

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