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Prepare the journal entries related to the gift cards

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Question - Nancy's retail store sold $5,000 dollars' worth of gift cards and received cash on June 18. On August 2 patrons to the store redeemed $1,200 worth of the gift cards purchasing merchandise that cost $725. This store uses a periodic inventory system. Prepare the journal entries related to the gift cards.

Reference no: EM132872293

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