Reference no: EM132440592
Glory company includes coupons that are redeemable for prizes such as pen, notebook, or calculators. Five coupons must be presented by costumers to receive one prize. The prize merchandise costs the company 10$ per unit. In addition, the company will incur 10% of the cost of prizes distributed for handling premium requests. The premium offer began in year1 and resulted in the following transaction during year 1.
a) Acquired 500 coupon books each containing 1000 coupons for $500
b) Distributed 400,000 coupons to customers
c) Sold 400,000 packages of product at $25 eaxh for cash
d) Purchased 50,000 units of prize for cash
e) Record redemption for 150,000 coupons
f) Incurred $31,000 for handling the premium request
g) Record adjusting entry for coupons on currents year sales that are expected to be redeemed in year2.
Required: Show all the necessary journal entries
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