Exercise 8-10A Analyze and record deferred revenues (LO8-4) Skip to question [The following information applies to the questions displayed below.] Apple Inc. is the number one online music retailer...

Exercise 8-10A Analyze and record deferred revenues (LO8-4)

[The following information applies to the questions displayed below.]

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 $20.4 million in iTunes gift cards in November, and customers redeem $13.4 million of the gift cards in December.

1. & 2.Record the necessary entries in the Journal Entry Worksheet below.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.Enter your answers in dollars, not in millions (i.e. 5.5 should be entered as 5,500,000).)