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 $19.0 million in iTunes gift cards in November, and customers redeem $12.0 million of the gift cards in December. Required:
a. Record the necessary entries.
b. Record the receipt of cash for gift cards.

Answer and Explanation:

The journal entries are given below:

a. Deferred revenue from gift cards$19,000,000  

           To sales revenue $19,000,000

(being the sales revenue is recorded)

b.

Cash $12,000,000

       To deferred revenue from gift cards $12,000,000

(Being the Receipt of cash from gift cards)

These two entries are to be recorded for the given situation  

answer; a large down payment,a longer term loan, would result in a lower monthly payment;

commercial banking

provide online payment services

provide online banking

asset management firms

invest in people's funds in securities

accept tax return refunds