Practice Exercise 13-4 Larkspur Golf Stores, Inc. operates a chain of golf equipment stores in the Western United States. In 2017 the company ran a promotion, providing customers with coupon each time a customer bought a dozen of a specific brand of golf balls. After accumulating five coupons, a customer could present the coupons to the store in exchange for a free golf hat. In 2017, Larkspur purchased 1,500 of the hats for the promotion at $7 each and sold 9,300 dozen golf balls eligible for the promotion at $50 per dozen. Customers presented 3,800 of the coupons for redemption in 2017. Customers have until June 30, 2018 to present coupons in exchange for a free hat. Estimates indicate that a total of 50% of the coupons will eventually be presented for redemption Prepare all the entries that would be made relative to sales of the golf ball included in the promotion and to the golf hat premium plan in 2017. (17 ne entry is required, select "No Entry for the account tities and enter for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Tities and Explanation Debit Credit Inventory of Premium Cash (To record the pemium Inventory) Cash Sales Revenue (To record the sales) Premium Expense Inventory of Premium (To record the expense associated with the sale) Inventory of Premiums Premium Liability the premium