Accounting 301

Audrey Corp. sold 100.000 boxes of soap during 2020. Each box of soap sells for $4.00. Each box of soap has a coupon and, with 10 coupons, a customer can get a doll. During 2020 Audrey purchased 10.000 dolls for $2.00 each. Audrey estimates that 60% of the coupons will be redeemed. During 2020. 40.000 coupons were redeemed. Required: 1.) Prepare a summary entry to record the sale of the soap. 2.) Prepare an entry to record the liability for the coupons issued with the soap. 3.) Prepare an entry to record the purchase of the dolls. 4.) Prepare an entry to record the redemption of the coupons