The Western Canada Luggage Company (WCLC) launched a new promotional campaign on May 2, 2021. It...

 

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The Western Canada Luggage Company (WCLC) launched a new promotional campaign on May 2, 2021. It offers its customers a gift set if the customer purchases 2 suitcases. Each suitcase sold includes a coupon. The customer must present 2 coupons plus $10 to receive the traveller's gift. The promotional offer expires on May 1, 2022. The following information pertains to the promotional campaign: Number of traveller's gift sets purchased by WCLC Price per traveller's gift set purchased by WCLC Number of suitcases sold Total number of coupons estimated to be redeemed by customers Number of coupons redeemed by customers by December 31, 2021 Selling price per suitcase Cost to ship each gift set to the customer ss Assume that WCLC has a year end of December 31, and follows ASPE. Note that all sales are cash sales. Required: Prepare any journal entries required by WCLC during 2021, including any year-end adjusting journal entries. Ignore cost of goods sold in preparing your entries. 25,800 8 60,229 45,172 33,880 97 6 The Western Canada Luggage Company (WCLC) launched a new promotional campaign on May 2, 2021. It offers its customers a gift set if the customer purchases 2 suitcases. Each suitcase sold includes a coupon. The customer must present 2 coupons plus $10 to receive the traveller's gift. The promotional offer expires on May 1, 2022. The following information pertains to the promotional campaign: Number of traveller's gift sets purchased by WCLC Price per traveller's gift set purchased by WCLC Number of suitcases sold Total number of coupons estimated to be redeemed by customers Number of coupons redeemed by customers by December 31, 2021 Selling price per suitcase Cost to ship each gift set to the customer ss Assume that WCLC has a year end of December 31, and follows ASPE. Note that all sales are cash sales. Required: Prepare any journal entries required by WCLC during 2021, including any year-end adjusting journal entries. Ignore cost of goods sold in preparing your entries. 25,800 8 60,229 45,172 33,880 97 6

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