Question: Please verify that my work is correct. All Possible Journal Entries Cash Deferred Revenue-Coupons Sales Revenue Problem 8 (sale with no material right] Assume that

Please verify that my work is correct.

Please verify that my work is correct. All Possible Journal Entries Cash

**All Possible Journal Entries**
Cash
Deferred Revenue-Coupons
Sales Revenue

Problem 8 (sale with no material right] Assume that on July 1, 2020 you paid cash to purchase a television from Best Buy for $500. As part of a promotional effect, Best Buy gives you a coupon that allows you to buy a wall mount for the TV for $20. The wall mount normally sells for $80. The coupon expires after 30 days. Based on historical records, Best Buy estimates that 50% of customers utilize the coupon to buy the wall mount. Best Buy offers the same coupon in a sales circular that is handed to each customer as he/she enters the store. Assume that Best Buy uses the residual method to estimate the stand-alone selling price of the TV without the discount coupon if such estimation is needed. The television comes with a manufacturer's one-year quality assurance warranty 1. Prepare the journal entry made by Best Buy to record the sale to you. Enter your answer below. Choose the account from the drop-down list in the yellow cell. Enter the amount of the entry in the green box. Debit Credit Entry on July 1, 2020: Account Cash Deferred Revenue - Coupons Sales Revenue $500 1 1 $30 $470 1

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