Business, 06.01.2021 18:00 claudia3776

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 $21 million in iTunes gift cards in November, and customers redeem $14 million of the gift cards in December. Required:
a. Record the advance collection of $21 million for iTunes gift cards in November.
b. Record the revenue earned when $14 million in gift cards is redeemed in December.
c. What is the ending balance in the Deferred Revenue account?

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Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTune...

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