Bianca Company has a business unit that sells clothes. It offers its customers the option to collect
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Bianca Company has a business unit that sells clothes. It offers its customers the option to collect points. For every $10 spent, they collect 5 points. For every 50 points, the customers can redeem a gift that costs the company $10 and has a retail price of $15. | ||||||
You have the following additional information about 2022: | ||||||
Total sales | 4,850,000 | |||||
% of points expected to be redeemed | 68% | |||||
Number of gifts actually redeemed | 3500 | |||||
Required- | ||||||
Prepare the journal entries related to this loyalty program in 2022. Assume IFRS. |
Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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