Klax Company offers a set of building blocks to customers who send in 3 UPC codes from
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Klax Company offers a set of building blocks to customers who send in 3 UPC codes from Klax cereal, along with 50¢. The blocks sets cost Klax $1.10 each to purchase and 60¢ each to mail to customers.
During 2004, Klax sold 1,000,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2004, 120,000 UPC codes were redeemed. Prepare Klax’s December 31, 2004, adjusting entry.
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Related Book For 
Intermediate Accounting
ISBN: 9780471448969
11th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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