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Prepare indigo december adjusting entry

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Question - Indigo Company offers a set of building blocks to customers who send in 3 UPC codes from Indigo cereal, along with 40¢. The block sets cost Indigo $0.90 each to purchase and 70¢ each to mail to customers. During 2020, Indigo sold 1,452,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 145,200 UPC codes were redeemed. Prepare Indigo's December 31, 2020, adjusting entry.

Reference no: EM132597504

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