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Prepare the entries for the transactions

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Question - Irwin Music Shop gives its customers coupons redeemable for a Bo Diddley CD. Irwin Music Shop bought 20.000 CDs at $6.00 each by cash on 1/1/2020. One coupon is issued to a customer for each $100 dollar of sales. One CD is given to a customer when the customer submit 1 coupon with $1 cash. It is estimated that 80% of the coupons will be presented for redemption. Sales for 2020 were $600,000, and the coupons redeemed in 2020 totaled 3,600. Thus, 3,600 CDs were distributed to customers. Sales for 2021 were $720,000, and the coupons redeemed in 2021 totaled 6.000. Thus, 6,000 CDs were distributed to customers. Prepare the entries for the transactions/events related to coupons for 2020 and 2021.

Reference no: EM132940344

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