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Fan-so-tastic Fans manufactures and distributes ceiling fans. To promote the sale of fans, Fan-so-tastic offered a coupon rebate to retail purchasers of $50 per
Fan-so-tastic Fans manufactures and distributes ceiling fans. To promote the sale of fans, Fan-so-tastic offered a coupon rebate to retail purchasers of $50 per fan purchased. Pertinent details follow: Fan-so-tastic sold 10,000 fans to retailers that included the coupon rebate offer. The wholesale price for eaba fan was $350; the cost of goods sold was $200 per sofa. Fan-so-tastic estimated that 40% of retail purchasers would take advantage of the rebate offer. The actual redemption rate was 55%. Prepare journal entry Fan-so-tastic would record on payment for the actual coupons redemptions. Use the table below. Instructions Show a debit balance as positive (i.e. 1,000) and show a credit balance as negative (i.e. -1,000). Do not use dollar signs in your answer. Please do not round intermediary calculations. Round your final answer to the nearest dollar. Any accounts not applicable enter 0. ACCOUNT Amount (Do not use $. Debits are positive; credits are negative. If account not applicable, enter 0) Consideration payable to customer [A] Cash Sales revenue Consideration Receivable from customer [B] [C] [D]
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