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 $19.7 million in iTunes gift cards in December, and customers redeem $12.7 million of the gift cards.
Record the necessary entries in the Journal Entry Worksheet below.
Record the receipt of cash for gift cards.
Record the revenue earned from redemption of gift cards.
a. What is the ending balance in the unearned revenue account?
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