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Culver Company includes one coupon in each box of soap powder that it packs, and 10...

Question

Culver Company includes one coupon in each box of soap powder that it packs, and 10...

Culver Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Culver Company purchased 9,500 premiums at 80 cents each and sold 121,000 boxes of soap powder at $3.20 per box; 42,100 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption.

Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2020.

Account Titles and Explanation Debit Credit (To record the premium inventory) (To record the sales) (To record the expense as

Account Titles and Explanation Debit Credit (To record the premium inventory) (To record the sales) (To record the expense associated with the sale) (To record the premium liability)

Answers

Credit Debit 7.600 1) Account Titles and Explanation Inventory Premiums Cash (9,500 * 0.80) (To record the premium inventory)


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