coochieboi
09.07.2021 •
Business
Peterson Photoshop sold $1,800 in gift cards on a special promotion on October 15, 2021, and sold $2,700 in gift cards on another special promotion on November 15, 2021. Of the cards sold in October, $180 were redeemed in October, $450 in November, and $540 in December. Of the gift cards sold in November, $270 were redeemed in November and $630 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 12/31/2021, Peterson would show a deferred revenue account for the gift cards with a balance of:
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