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Prepare journal entries for Rikards for December

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Reference no: EM132562771

Question - Rikard's Menswear sells $5,035 of gift cards for cash in December 2021. Rikard's has a December 31 fiscal year end and uses a perpetual inventory system. In January 2022, $2,675 of the gift cards are redeemed for merchandise with a cost of $1,145.

Prepare journal entries for Rikard's for December 2021 and January 2022 assuming all gift card balances will be redeemed.

Reference no: EM132562771

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