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Prepare necessary entries from june to december

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Reference no: EM133132184

Question - In an effort to increase sales, Bills Company inaugurated a sales in promotional campaign on June 20, 2017. The entity placed a coupon redeemable for a premium in each package of cereal sold. Each premium cost P20 and five coupons must be presented by a customer to receive a premium. The entity estimated that only 60% of the coupons issued would be redeemed. For the six months ended December 31, 2017, the following information is available: Packages of cereal sold Premium purchased Coupons redeemed 160,000 12,000 40,000.

Required - Prepare necessary entries from June 20, 2017 to December 31, 2017.

Reference no: EM133132184

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