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Prepare the general journal entries that should be made plan

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Reference no: EM132764857

Sheridan Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $2.40; in addition it costs $1.60 to mail each mug.

The results of the premium plan for the years 2020 and 2021 are as follows (assume all purchases and sales are for cash):

                                                                                   2020                 2021
Coffee mugs purchased                                     710,000         800,000
Candy bars sold                                           $5,700,000        $6,980,000
Wrappers redeemed                                           $2,800,000       $4,160,000
2020 wrappers expected to be redeemed in 2021 $2,000,000
2021 wrappers expected to be redeemed in 2022                          $2,700,000

Problem 1) Prepare the general journal entries that should be made in 2020 and 2021 related to the above plan by Sheridan Candy.

Reference no: EM132764857

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