Sales promotions On January 1, 20YS, Seagrave Appliances offered a $150 mail-in rebate to any customer...

 

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Sales promotions On January 1, 20YS, Seagrave Appliances offered a $150 mail-in rebate to any customer who purchases a TV or appliance with a list price of $1,000 or more. The rebate offer expires January 31 and checks will be mailed to customers starting February 1. During January, Seagrave Appliances issued 800 rebates to its customers. a. Journalize on January 31 the liability for the mail-in rebates. Assume all rebates will be redeemed. If an amount box does not require an entry, leave it blank. Account Debit Credit Date Jan. 31 b. Journalize the payment of $115,000 of mail-in rebates on February 5. If an amount box does not require an entry, leave it blank Debit Credit Date Feb. 5 88 Account Sales promotions On January 1, 20YS, Seagrave Appliances offered a $150 mail-in rebate to any customer who purchases a TV or appliance with a list price of $1,000 or more. The rebate offer expires January 31 and checks will be mailed to customers starting February 1. During January, Seagrave Appliances issued 800 rebates to its customers. a. Journalize on January 31 the liability for the mail-in rebates. Assume all rebates will be redeemed. If an amount box does not require an entry, leave it blank. Account Debit Credit Date Jan. 31 b. Journalize the payment of $115,000 of mail-in rebates on February 5. If an amount box does not require an entry, leave it blank Debit Credit Date Feb. 5 88 Account

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