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Prepare Metlock December adjusting entry

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Question - Metlock Company offers a set of building blocks to customers who send in 3 UPC codes from Metlock cereal, along with 50¢. The block sets cost Metlock $1.00 each to purchase and 60¢ each to mail to customers. During 2020, Metlock sold 960,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2020, 96,000 UPC codes were redeemed. Prepare Metlock's December 31, 2020, adjusting entry.

Reference no: EM132643010

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