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In this video, Professor George Skyping discusses how to record gift cards in accounting. He explains that the sale of gift cards is recognized as deferred revenue liability until the gift card is redeemed. For revenue recognition, there must be a performance obligation, which occurs when the product is sold. Using Amazon as an example, when a customer buys a gift card, they can later use it to purchase products. The revenue is recognized only when the gift card is redeemed. Additionally, he notes the possibility of customers losing the gift card or it expiring, which may affect revenue recognition. For more information, viewers are encouraged to subscribe to the channel and check the revenue recognition playlist.
