Exas roadhouse opened a new restaurant in october. during its first three months of operation, the restaurant sold gift cards in various amounts totaling $3,500. the cards are redeemable for meals within one year of the purchase date. gift cards totaling $728 were presented for redemption during the first three months of operation prior to year-end on december 31. the sales tax rate on restaurant sales is 4%, assessed at the time meals (not gift cards) are purchased. texas roadhouse will remit sales taxes in january.

required:

1. & 2. record (in summary form) the $3,500 in gift cards sold (keeping in mind that, in actuality, the firm would record each sale of a gift card individually) and the $728 in gift cards redeemed. (hint: the $728 includes a 4% sales tax of $