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Prepare all the entries that would be made relative to sale

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Question - Pharoah Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Pharoah Company purchased 8,800 premiums at 85 cents each and sold 101,000 boxes of soap powder at $3.30 per box; 42,000 coupons were presented for redemption in 2017. It is estimated that 60% of the coupons will eventually be presented for redemption.

Required - Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2017.

 

 

Reference no: EM132477319

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