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Make the journal entries that would be made

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Question - In each box of cereal that it produces, Healthy Cereal Corp. includes a special coupon. The purchaser may redeem 10 coupons for a cereal bowl (premium). Each cereal bowl costs Healthy $0.90.

During 2020, Healthy purchased 6,000 cereal bowls and sold 200,000 boxes of cereal @ $3.50 per box. Based on past experience, Healthy estimates that 60% of the coupons will be redeemed. During 2020, 45,000 coupons were presented for redemption.

During 2021, 8,000 cereal bowls were purchased. As well, Healthy sold 300,000 boxes of cereal at $3.75 per box, and 90,000 coupons were presented for redemption.

Instructions - Make the journal entries that would be made regarding the cereal sales and the premium plan in 2020.

Reference no: EM132613432

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