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please include the solution Silver Corp. sold 220,000 units of a new product, Shazam, to Simsbury Outlet Inc. for $5.00 each on account. It cost
please include the solution Silver Corp. sold 220,000 units of a new product, "Shazam," to Simsbury Outlet Inc. for $5.00 each on account. It cost $2.00 to manufacture each unit of Shazam. Silver sent Simsbury Outlet 270,000 point-of-purchase coupons that entitled purchasers of Shazam to a $1,50 discount off Simsbury Outlet's retail price. Silver estimated that 30% of the 270,000 coupons, which were valid from August 1-31, would be redeemed. In August, Simsbury Outlet redeemed 66,000 coupons. In early September, Simsbury Outlet invoiced Silver for reimbursement for the coupons redeemed. Silver employs a perpetual inventory system. Required Prepare all joumal entries related to the transaction described above. First, journalize the sale of 220,000 units of Shazam to Simsbury Outlet Inc. (Enter debits first, then credits. Leave unused cells blank. Include COGS and inventory in a compound entry.)
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