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Send to Gradebook 0.88/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Kane Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $1.80; in addition it costs $1.20 to mail each mug. The results of the premium plan for the years 2017 and 2018 are as follows (assume all purchases and sales are for cash): 2017 2018 Coffee mugs purchased 710,000 780,000 Candy bars sold 5,800,000 6,790,000 Wrappers redeemed 2,700,000 4,180,000 2017 wrappers expected to be redeemed in 2018 2,100,000 2018 wrappers expected to be redeemed in 2019 2,650,000 Part 1 Your Answer Correct Answer Prepare the general journal entries that should be made in 2017 and 2018 related to the above plan by Kane Candy. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 2017 Inventory of Premiums 1,278,000 Cash 1,278,000 (To record purchase of coffee mugs) 2017 Cash 5,800,000 Sales Revenue 5,800,000 (To record sale of candy bars) 2017 Cash 216,000 Premium Expense 270,000 Inventory of Premiums 486,000 (To record coffee mugs offered for wrappers redeemed) 2017 Premium Expense 210,000 210,000 Premium Liability (To record liability against expected redemption of wrappers in 2018) 2018 Inventory of Premiums 1,404,000 Cash 1,404,000 (To record purchase of coffee mugs) 2018 Cash 6,790,000 6,790,000 Sales Revenue (To record sale of candy bars) 2018 Cash 334,400 Premium Liability 210,000 Premium Expense 208,000 Inventory of Premiums 752,400 (To record coffee mugs offered for wrappers redeemed) 2018 Premium Expense 265,000 Premium Liability 265,000 (To record liability against expected redemption of wrappers in 2019) Part 2 - Your answer is partially correct. Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Kane Candy Company balance sheet and income statement at the end of 2017 and 2018. Balance Sheet Account Name Class 2017 2018 Inventory of Premiums Current Asset $ $ 171900 792000 210000 Premium Liability Current Liability $ 26500 Income Statement Account Name C Class Class 2017 2017 2018 Premium Expense Operating Expense 480000 320001 e Textbook and Media List of Accounts Attempts: 1 of 2 used Save for Later Submit Answer Send to Gradebook Send to Gradebook 0.88/1 Question 1 View Policies Show Attempt History Current Attempt in Progress Kane Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $1.80; in addition it costs $1.20 to mail each mug. The results of the premium plan for the years 2017 and 2018 are as follows (assume all purchases and sales are for cash): 2017 2018 Coffee mugs purchased 710,000 780,000 Candy bars sold 5,800,000 6,790,000 Wrappers redeemed 2,700,000 4,180,000 2017 wrappers expected to be redeemed in 2018 2,100,000 2018 wrappers expected to be redeemed in 2019 2,650,000 Part 1 Your Answer Correct Answer Prepare the general journal entries that should be made in 2017 and 2018 related to the above plan by Kane Candy. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation 2017 Inventory of Premiums 1,278,000 Cash 1,278,000 (To record purchase of coffee mugs) 2017 Cash 5,800,000 Sales Revenue 5,800,000 (To record sale of candy bars) 2017 Cash 216,000 Premium Expense 270,000 Inventory of Premiums 486,000 (To record coffee mugs offered for wrappers redeemed) 2017 Premium Expense 210,000 210,000 Premium Liability (To record liability against expected redemption of wrappers in 2018) 2018 Inventory of Premiums 1,404,000 Cash 1,404,000 (To record purchase of coffee mugs) 2018 Cash 6,790,000 6,790,000 Sales Revenue (To record sale of candy bars) 2018 Cash 334,400 Premium Liability 210,000 Premium Expense 208,000 Inventory of Premiums 752,400 (To record coffee mugs offered for wrappers redeemed) 2018 Premium Expense 265,000 Premium Liability 265,000 (To record liability against expected redemption of wrappers in 2019) Part 2 - Your answer is partially correct. Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Kane Candy Company balance sheet and income statement at the end of 2017 and 2018. Balance Sheet Account Name Class 2017 2018 Inventory of Premiums Current Asset $ $ 171900 792000 210000 Premium Liability Current Liability $ 26500 Income Statement Account Name C Class Class 2017 2017 2018 Premium Expense Operating Expense 480000 320001 e Textbook and Media List of Accounts Attempts: 1 of 2 used Save for Later Submit Answer Send to Gradebook