Provide the journal entries for items

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Problem 1: During the month of November 2021, Lehigh Jeans ran a promotion and offered a coupon for 20% off a pair of jeans with the purchase of one pair of jeans (customers that purchased multiple pairs of jeans received multiple coupons). Lehigh Jeans sold 400 pairs of jeans for $50 each and provided 400 20% off coupons. Historically, 50% of the coupons have been redeemed. Internal auditors discovered that the firm did not consider the coupons when recording revenue and credited the entire consideration received from customers to sales revenue. During December, 100 coupons were used. Provide the Journal entries for items in Part B

Reference no: EM132757985

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