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Business, 01.08.2020 03:01 alannadiaz1

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 $19.2 million in iTunes gift cards in November, and customers redeem $12.2 million of the gift cards in December. Required:
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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