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tatyana61 [14]
3 years ago
15

Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, an

d $50 increments. Assume Apple sells $19.8 million in iTunes gift cards in November, and customers redeem $12.8 million of the gift cards in December. Record the advance collection of $20 million for iTunes gift card.
Business
1 answer:
trapecia [35]3 years ago
7 0

Answer:

cash             20,000,000 debit

     unearned revenue        20,000,000 credit

Explanation:

Record the advance collection of $20 million for iTunes gift card.

When a gift card is sold, Apple Inc assume the obligation of latter provide iTunes in the near future or do  cash reimbursement therefore; this isn't revenue. It is a liability. Apple will generate revenue when the gift ard are redeem not at sale.

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Answer:

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