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Current Attempt in Progress In an attempt to increase sales, Tamarisk, Inc. began a special promotion on September 1, 2021. A $0.70 coupon was printed
Current Attempt in Progress In an attempt to increase sales, Tamarisk, Inc. began a special promotion on September 1, 2021. A $0.70 coupon was printed on the label of 500,000 cans of soup. All of these cans were sold that day for $2.10 each to a large chain of grocery stores on account Tamarisk expected that 20% of the coupons would be redeemed. By the end of December 2021, Tamarisk had redeemed 36,000 coupons. Tamarisk has a December 31 year-end and a periodic inventory system. Prepare the journal entry to record the sales and transactions related to the coupon promotion. Ignore sales taxes. (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 for the amounts.) Debit Credit Date Account Titles and Explanation Sept. 1 List of Accounts Prepare a summary transaction dated December 31, 2021, for the coupons redeemed. (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.) Debit Credit Date Account Titles and Explanation Dec. 31 List of Accounts
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