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 $20.7 million in iTunes gift cards in November, and customers redeem $13.7 million of the gift cards in December.1. Record the receipt of cash for gift cards.
2. Record the revenue earned from redemption of gift cards.
3. What is the ending balance in Deferred revenue?
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Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTune...
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