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Journalize the purchase of cups

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Reference no: EM133103522

Question - SEDAP Corp. Selling instant noodles for IDR 2,500/pack. Promotions offered if consumers exchange 10 packs of instant noodles + IDR 5,000 will get 1 beautiful cup. The price for 1 beautiful cup is IDR 15,000/cup. Total sales of 500,000 packs of instant noodles. Estimates that will exchange prizes are 70% of the instant noodles sold. SEDAP Corp. Purchased a supply of 50,000 units of cups. Until the end of the promotion period, there are 150,000 packs of instant noodles that can be exchanged.

Required -

a. Journalize the purchase of cups.

b. Journalize the recording of product sales, premium expense & premium liability?

c. Journalize the redemption of coupons by customers?

Reference no: EM133103522

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