Peterson Photoshop sold $2,700 in gift cards on a special promotion on October 15, 2021, and sold $4,050 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $270 were redeemed in October, $675 in November, in November, and $330 in December. Of the cards sold in November, $165 were redeemed in November and $385 were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months.
At 12/31/2016, Peterson would show a deferred revenue account for the gift cards with a balance of:
a. $1,650.
b. $0.
c. $1,100.
d. $1,485.
Answers: 3
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Peterson Photoshop sold $2,700 in gift cards on a special promotion on October 15, 2021, and sold $4...
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