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Animikii Inc. offers a $ 5 cash rebate to customers who purchase more than $ 5 0 0 worth of merchandise during April. To receive

Animikii Inc. offers a $5 cash rebate to customers who purchase more than $500 worth of merchandise during April. To receive the rebate, customers must mail their receipts to the corporate office prior to June 30. Animikii sold $200,000 of merchandise for cash during April and expects to pay $2,000 in cash rebates. On June 30, Animikii mailed customers who returned receipts $2,500.
Prepare the journal entries to record the sale and redemption of the rebates. For a compound transaction, if an amount box does not require an entry, leave it blank.
Apr. 30
Jun. 30

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