At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupon5. The coupons may be redeemed March 1 -April 30. The liability for the $2-off coupons is recorded at the end of February in part (c). Selfert Stores Inc. accepts only cash, Mastercard, or VISA. During February, Selfert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marei Aridrews with a list price of $175 that cost Seifert Stores tnc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merkandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Cheis paid cash for his purchase. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Ent account decreases, cash outflows, and the income statement effects that reduce gross profit as negative amounts. a. Illustrate the effects of the February 6 sale to Marci Andrews on the accounts and financial statements of Seifert Stores Inc. b. Iilustrate the effects of the February 18 sale to Chris Johnson on the accounts and financial statements of Seifert Stores Inc. c. Hilustrate the effects of the coupens Seifert Stores Ine. printed at the bottom of its February sales receipts on the accounts and financiat statements. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert 5 tores estimates that 15% of the $2-off coupons printed in Februsry will be redeemed before they expire Aprit 30. At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupon5. The coupons may be redeemed March 1 -April 30. The liability for the $2-off coupons is recorded at the end of February in part (c). Selfert Stores Inc. accepts only cash, Mastercard, or VISA. During February, Selfert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marei Aridrews with a list price of $175 that cost Seifert Stores tnc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merkandise to Chris Johnson with a list price of $50 that cost Seifert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Cheis paid cash for his purchase. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Ent account decreases, cash outflows, and the income statement effects that reduce gross profit as negative amounts. a. Illustrate the effects of the February 6 sale to Marci Andrews on the accounts and financial statements of Seifert Stores Inc. b. Iilustrate the effects of the February 18 sale to Chris Johnson on the accounts and financial statements of Seifert Stores Inc. c. Hilustrate the effects of the coupens Seifert Stores Ine. printed at the bottom of its February sales receipts on the accounts and financiat statements. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert 5 tores estimates that 15% of the $2-off coupons printed in Februsry will be redeemed before they expire Aprit 30
