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What is the correct general ledger entry for redemption of a gift certificate given to a charitable organization by a retail store?
Wiki User
∙ 15y ago
How abut this? On issuance Debit - charitable expense Credit - Gift certificates issued On redemption Debit - Gift certificates issued Credit - Inventory Hard to do on a point-of-sale system that does not allow general journal entries.
Wiki User
∙ 15y ago
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