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(Solution Download) Texas Roadhouse opened a new restaurant in October. During its first three months of operation, the


 

 

 

 

 

 

 

Texas Roadhouse opened a new restaurant in October.

 

During its first three months of operation, the restaurant sold

 

gift cards in various amounts totaling $3,000. 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.

 

Record (in summary form) the $3,000 in gift cards sold (keeping

 

in mind that, in actuality, the firm would record each sale of a

 

gift card individually). (If no entry is required for a

 

transaction/event, select "No journal entry required" in the first

 

account field.)

 

 

 

 

 

 

 

 

2.

 

Record the $728 in gift cards redeemed. (Hint: The $728

 

includes a 4% sales tax of $28.) (If no entry is required

 

for a transaction/event, select "No journal entry required" in the

 

first account field.)

 

 

 

 

 

 

 

 

3.

 

Determine the balance in the Unearned Revenue account (remaining

 

liability for gift cards) Texas Roadhouse will report on the

 

December 31 balance sheet.

 

 

 

 

 

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