Question

Moleski Corporation includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2011, Moleski Corporation purchased 8,800 premiums at $0.90 each and sold 120,000 boxes of soap powder at $3.30 per box. In total, 44,000 coupons were presented for redemption in 2011. It is estimated that 60% of the coupons will eventually be presented for redemption.
Instructions
(a) Prepare all the entries that would be made for sales of soap powder and for the premium plan in 2011.
(b) What amounts relative to soap powder sales and premiums would be shown on Moleski's financial statements for 2011?


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  • CreatedAugust 23, 2015
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