Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Bramble sells 2 0 nonrefundable $ 1 1 0 gift cards for 3 D printer paper on March 1 , 2 0 2 0 .

Bramble sells 20 nonrefundable $110 gift cards for 3D printer paper on March 1,2020. The paper has a standalone selling price of $110(cost $88). The gift cards expiration date is June 30,2020. Bramble estimates that customers will not redeem 10% of these gift cards. The pattern of redemption is as follows. Redemption Total March 3150% April 3080 June 3085 Prepare the 2020 journal entries related to the gift cards at March 1, March 31, April 30, and June 30.(Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g.1.25124 and the final answer to 0 decimal places e.g.58,971.) Date Account Titles and Explanation Debit Credit Mar. 1,2020Mar. 31,2020Apr. 30,2020Jun. 30,2020 Mar. 1,2020Mar. 31,2020Apr. 30,2020Jun. 30,2020(To record sales of cards redeemed)(To record cost of goods sold) Mar. 1,2020Mar. 31,2020Apr. 30,2020Jun. 30,2020(To record sales of cards redeemed)(To record cost of goods sold) Mar. 1,2020Mar. 31,2020Apr. 30,2020Jun. 30,2020(To record sales of cards redeemed)(To record cost of goods sold)(To record sales of cards not redeememed)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Textbook Of Cost And Management Accounting

Authors: M N Arora

11th Edition

9390470501, 978-9390470501

More Books