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D. Irwin Music Shop gives its customers coupons redeemable for a Bo Diddley CD. Irwin Music Shop bought 20,000 CDs at $6.00 CD by
D. Irwin Music Shop gives its customers coupons redeemable for a Bo Diddley CD. Irwin Music Shop bought 20,000 CDs at $6.00 CD by cash on 1/1/2022. One coupon is issued for each $100 dollar of sales. On the surrender of 1 coupon, one CD is given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Sales for 2022 were $600,000, and the coupons redeemed totaled 3,600. Thus, 3,600 CDs were distributed to customers Sales for 2023 were $720,000, and the coupons redeemed in 2023 totaled 6,000. Thus, 6,000 CDs were distributed to customers. Required (12 points): Prepare the entries for the transactions/events related to coupons for 2022 and 2023
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