Homework Answers
| no. | Journal Entry | Debit | Credit |
| a | Inventory premiums | 8100 | |
| cash | 8100 | ||
| (9000*0.90) | |||
| b | Cash | 200000 | |
| sales | 200000 | ||
| (100000*$2) | |||
| c | Premium expense | 3600 | |
| inventory premiums | 3600 | ||
| (40000/10)*0.90 | |||
| d | Premium expense | 1800 | |
| estimated liability premiums | 1800 | ||
| ((100000*60%)-40000)/10 * 0.90 |
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Shuck Co includes 1 coupon in each box of cereal that it packs and 10 coupons...
No Doubt Company includes 1 coupon in each box of soap powder that it packs, and...
No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2014, No Doubt Company purchased 8,800 premiums at 80 cents each and sold 110,000 boxes of soap powder at $3.30 per box; 44,000 coupons were presented for redemption in 2014. It is estimated that 60% of the coupons will eventually be presented for redemption. Instructions Prepare all the entries that would be made...
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...
Splish Company includes one coupon in each box of soap powder that it packs, and 10...
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Sheffield Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a prem...
Sheffield 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, Sheffield Company purchased 9,500
premiums at 75 cents each and sold 120,000 boxes of soap powder at
$3.00 per box; 41,800 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...
Skysong Company includes one coupon in each box of soap powder that it packs, and 10...
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Exercise 13-12 Carla Company includes 1 coupon in each box of soap powder that it packs,...
Exercise 13-12 Carla Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Carla Company purchased 8,000 premiums at 85 cents each and sold 100,000 boxes of soap powder at $3.40 per box; 45,400 coupons were presented for redemption in 2017. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative...
Exercise 13-12 Pearl Company includes one coupon in each box of soap powder that it packs,...
Exercise 13-12 Pearl 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, Pearl Company purchased 8,600 premiums at 75 cents each and sold 108,000 boxes of soap powder at $3.60 per box; 40,000 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...
Blue Spruce Limited, a private company following ASPE, includes one coupon in each box of soap...
Blue Spruce Limited, a private
company following ASPE, includes one coupon in each box of soap
powder that it produces, and 8 coupons are redeemable for a premium
(a kitchen utensil). In 2020, Blue Spruce Corporation purchased
8,610 premiums at $0.80 each and sold 99,200 boxes of soap powder
at $3.40 per box. In total, 32,800 coupons were presented for
redemption in 2020. It is estimated that 60% of the coupons will
eventually be presented for redemption. Blue Spruce uses...
The Happy Cereal Company includes a premium in each box of its cereal. For four premiums...
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To stimulate the sales of its Alladin breakfast cereal
P13-8 (L03) (Premium Entries) To stimulate the sales of its Alladin breakfast cereal, Loptien Company places 1 coupon in each box. Five coupons are redeemable for a premium consisting of a children's hand puppet. In 2018, the company purchases 40,000 puppets at $1.50 each and sells 480,000 boxes of Alladin at $3.75 a box. From its experience with other similar premium offers, the company estimates that 40% of the coupons issued will be mailed back for redemption. During 2018, 115,000...
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...
Sheffield 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, Sheffield Company purchased 9,500
premiums at 75 cents each and sold 120,000 boxes of soap powder at
$3.00 per box; 41,800 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...
Exercise 13-12 Carla Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Carla Company purchased 8,000 premiums at 85 cents each and sold 100,000 boxes of soap powder at $3.40 per box; 45,400 coupons were presented for redemption in 2017. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative...
Exercise 13-12 Pearl 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, Pearl Company purchased 8,600 premiums at 75 cents each and sold 108,000 boxes of soap powder at $3.60 per box; 40,000 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...
Blue Spruce Limited, a private
company following ASPE, includes one coupon in each box of soap
powder that it produces, and 8 coupons are redeemable for a premium
(a kitchen utensil). In 2020, Blue Spruce Corporation purchased
8,610 premiums at $0.80 each and sold 99,200 boxes of soap powder
at $3.40 per box. In total, 32,800 coupons were presented for
redemption in 2020. It is estimated that 60% of the coupons will
eventually be presented for redemption. Blue Spruce uses...
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