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Prepare the journalize the premiums distributed

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Reference no: EM132814925

Heng Co. includes one coupon in each bag of dog food it sells. In return for 20 coupons, customers receive a dog toy that the company purchases for $1.80 each. Heng's experience indicates that 75 percent of the coupons will be redeemed. During 2020, 72,500 bags of dog food were sold for $3.99 per bag, 24,000 toys were purchased, and 34,000 coupons were redeemed.

Instructions

Problem 1: Prepare the following journal entries for Heng Co. for 2020:

1) Journalize the purchase of the premiums
2) Journalize the sales of dog food
3) Journalize the premiums distributed from actual coupons redeemed
4) Journalize the contingent liability, at year end.

Reference no: EM132814925

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