Homework Answers
Journal entries to posted on Decemebr 31st 2020
Cash Dr 899136
To Sales Cr
899136
(Cash received by selling 112392 boxes @ of $8)
CD purchase exp Dr
81269.76
To Cash Cr 81269.76
(23088CD's purchased@$3.52)
Postage
Dr 13462.97
To Cash Cr
13462.97
(Postage expenses calculated on the basis of boxtops redeemed/8
i.e.30714/6*2.63)
Postage expenses paid to customers
Dr 17660.55
To Cash Cr 17660.55
(Postage expenses paid calculated on the basis of boxtops
redeemed/8 i.e.30714/6*3.45)
Provision for future redemption
Dr 48597
To Cash Cr 48597
(Estaimated redemption 70% of sales, so 112392*70% i.e
78674
Redeemed boxtops upto Dec is 30714 so 78674-30714= 48599 is
remaining
Estimated future redemption will ve 48599/6 =7993
Future estuamted cost (Postage and Postage paid to customers ) =
7993*(3.45+2.63))
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remaining 2 journal entries
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