Problem 13-09 (Part Level Submission) Oriole offers an MP3 download (seven-single medley) as a premium for every 5 candy bar wrappers presented by customers together with $2.75. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each download code to the company is $2.50. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2020 and 2021 are as follows. (All purchases and sales are for cash.) MP3 codes purchased Candy bars sold Wrappers redeemed 2020 wrappers expected to be redeemed in 2021 2021 wrappers expected to be redeemed in 2022 2020 2021 285,000 376,200 2,849,000 2,893,100 1,368,000 1,710,000 330,600 399,000 (a) Your answer is partially correct. Try again. 2020 cash Prepare the journal entries that should be made in 2020 and 2021 to record the transactions related to the premium plan of the Oriole. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to o decimal places, e.g. 1,525.) Problem 13-09 (Part Leve... - O X. Account Titles and Explanation Debit Credit edugen.wileyplus.com/edugen/shar... a Inventory of Premiums Accounts Payable Accounts Receivable Accumulated Depreciation-Plant Assets Allowance from Expropriation Asset Retirement Obligation (To record the premium inventory.) Cash Depreciation Expense TCash Dividends Payable Due to Customer Discount on Notes Payable TSales Revenue FICA Taxes Payable Freight-In (To record the sales.) FUTA Taxes Payable Insurance Premium Payable Cash Interest Expense Interest Payable Inventory TPremium Expense Inventory of Premiums Land Improvements Lawsuit Liability Inventory of Premiums Lawsuit Loss Litigation Expense or Loss (To record the expense associated with the sale.) Litigation Liability Loss from Expropriation Premium Expense Loss on ARO Settlement No Entry Notes Payable TPremium Liability Oil Platform Payroll Tax Expense (To record the premium liability.) Plant Assets (To record the sales.) TCash Premium Expense Inventory of Premiums (To record the expense associated with the sale.) Premium Expense TPremium Liability (To record the premium liability.) 2021 ni ni TInventory of Premiums man an en rondom Cash (To record the premium inventory.) Cash Sales Revenue (To record the sales.) TCash Premium Expense TPremium Liability Inventory of Premiums (To record the expense associated with the sale.) Premium Expense TPremium Liability (To record the premium liability.)
