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Make the general journal entries that should be made

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Reference no: EM132563268

Question - Tangy Candy Company offers a coffee mug as a premium for every ten 50-peso candy bar wrappers presented by customers together with P100.00. The purchase price of each mug to the company is P90.00; in addition it costs P60.00 to mail each mug. The results of the premium plan for the years 2006 and 2007 are as follows (assume all purchases and sales are for cash):

2019 2020

Coffee mugs purchased 72,000 80,000

Candy bars sold 560,000 675,000

Wrappers redeemed 280,000 420,000

2006 wrappers expected to be redeemed in 2007 200,000

2007 wrappers expected to be redeemed in 2008 270,000

Instructions -

(a) Make the general journal entries that should be made in 2019 and 2020 related to the above plan by Tangy Candy.

(b) Indicate the account names, amounts, and classifications of the items related to the premium plan that would appear on the Tangy Candy Company balance sheet and income statement at the end of 2019 and 2020.

Reference no: EM132563268

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