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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 $19.8 million in itunes gift cards in november, and customers redeem $12.8 million of the gift cards in december.

Answer :

Assume apple sells $19.8 million in itunes gift cards in november, and customers redeem $12.8 million of the gift cards in december. The ending balance in the unearned revenue account is $7million.

The entry in the cash receipt journal will be

Dr : cash sales $19.7 million

Cr: Account receivable $12.7million

The unearned revenue account will be

Dr : cash sales 19.7million

Cr : Account receivable 12.7million

Therefore the ending balance in the unearned revenue account is $7million.

To know more about Account receivable refer:

https://brainly.com/question/24261944

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