Question
miracle company manufacturers a product that is packaged and sold. a plate is offered to customers sending in three wrappers accompanied by a remitance of
miracle company manufacturers a product that is packaged and sold. a plate is offered to customers sending in three wrappers accompanied by a remitance of 10php. data with respect to the premium offer are summarized below
2014 2015
sales 3,000,000 4,000,000
purchased of premium (P50 per plate) 390,000 580,000
number of plate to be 5,000 9,000
distributed in subsequent period 2,000 3,000
distribution cost P20 per plate
Required:
prepare journal entries that would be made in 2014 and 2015 to record sales, premium purchases and redemptions, and year-end adjustments.
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