When the gift card is resolved the company receives revenue which is yet to be earned since the customer paid money but did not take any merchandise. As a result, the transaction creates a liability for the company in the form of gift cards outstanding. The transactions that will accompany the sale of the gift card are, therefore, the debit of the asset account Cash, in recognition of the cash received by Imel West and the crediting of a liability account Gift Card Outstanding in recognition of the liability created (Nikolai, Bazley, and Jones). This is a liability that ...
Essays on Gift Card
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My overall assessment of our group project, My Sister Place, was that it was a great experience where a team of individuals came together to work towards a common good. Each of these individuals was compassionate and dedicated and had years of experience helping others. Throughout the journey, I felt a sense of closeness to each member despite the fact that each of us came from different backgrounds and specialized in different fields of social work. What I appreciated most about my team was that we were able to communicate openly. Each of us had individual ideas for the project and we were ...
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