Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 22, 2024

Prairie Foods Inc. (PFI) rewards its loyal customers with one point for every dollar spent in the store. Customers can redeem 1,000 points for a

Prairie Foods Inc. (PFI) rewards its loyal customers with one point for every dollar spent in the store. Customers can redeem 1,000 points for a $10 gift card to be used to purchase additional merchandise at PFI. Historically, 80% of points are redeemed. PFIs markup on merchandise is 40%. During 2018, PFIs sales totalled $22,000,000. In 2019, customers redeemed 12,790,000 points.

Prepare the summary journal entry to record 2018 sales revenue.

Prepare the summary journal entry to record the 2019 points redemption.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

=+20.15. 1 (a) Show that, if X and Y are independent and have the standard normal density, then X/Y has the Cauchy density with u = 1.

Answered: 1 week ago

Question

★★★★★

From the 1960s, James Johnson served as Bradley Unions personal caretaker and assistant, and was authorized by Union to handle his banking transactions. Louise Johnson, Jamess wife, wrote checks on...

Answered: 1 week ago

Question

★★★★★

In a bank reconciliation, a bank service charge for printing checks is: A . added to the bank balance. B . added to the book balance. C . subtracted from the book balance. D . suthrachod from the...

Answered: 1 week ago

Question

★★★★★

You have $20,000 you want to invest for the next 40 years. you are offered an investment plan that will pay you 7 % per year for the next 20 years and 11% per year for the last 20 years. How much...

Answered: 1 week ago

Question

★★★★★

3. Construct the shear force and bending moment diagrams for the beam shown below. 20 kips 12 kips 1.5 kips/ft B C E D 6ft 8 ft 10 ft- -8 ft-

Answered: 1 week ago

Question

★★★★★

home seeker lindsay wants to increase her credit score so she can qualify for a conventional loan at a lower interest rate. To do this, Lindsay needs to focus on several factors that go into...

Answered: 1 week ago

Question

★★★★★

Most married couples view the early years of marriage as O deeply satisfying O the most stressful period of their relationship O a "trial period," to see if they want to stay together confusing, and...

Answered: 1 week ago

Question

★★★★★

A bank sells a "three against six" $3,000,000 FRA for a three-month period beginning three months from today and ending six months from today. The purpose of the FRA is to cover the interest rate...

Answered: 1 week ago

Question

★★★★★

Early Historical Development of Applied Behavior Analysis In 1913, John B. Watson was the first American psychologist to call himself a "behaviorist." From 1913 to 1974, a series of events and...

Answered: 1 week ago

Previous Question Next Question