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Prepare Wynns Dec adjusting entry

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Problem - Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50 cents. The blocks sets cost Wynn $1.10 each to purchase and 60 cents each to mail to customers. During, 20XX, Wynn sold 1,200,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 20XX, 120,000 UPC codes were redeemed.

Required - Prepare Wynn's Dec 31, 20XX, adjusting entry.

Reference no: EM132454839

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