(Premium Entries) Yanni Company includes 1 coupon in each box of soap powder that it packs, and...
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(Premium Entries) Yanni Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2004, Yanni Company purchased 8,800 premiums at 80 cents each and sold 110,000 boxes of soap powder at $3.30 per box; 44,000 coupons were presented for redemption in 2004. It is estimated that 60% of the coupons will eventually be presented for redemption.
Instructions Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2004.
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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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