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ACCT550 Intermediate Accounting Assignment - DeVry University, USA
Problem - Premium Entries and Financial Statement Presentation
Sycamore Candy Company offers an MPB download {seven-single medley) as a premium for every five candy bar wrappers presented by customers together with $2.50. 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 $2.25. In addition, it costs 50 cents to distribute each code. The results of the premium plan for the years 2017 and 2018 are as follows. (All purchases and sales are for cash.)
2017
2018
MP3 codes purchased
250,000
330,000
Candy bars sold
2,895,400
2,743,600
Wrappers redeemed
1,200,000
1,500,000
2017 wrappers expected to be redeemed in 2018
290,000
2018 wrappers expected to be redeemed in 2019
350,000
Required - Prepare the journal entries that should be made in 2017 and 2018 to record 1the transactions related to the premium plan of the Sycamore Candy Company.
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