Business, 05.02.2021 21:50 Chantamariepaul
Kane Candy Company offers a coffee mug as a premium for every ten $1 candy bar wrappers presented by customers together with $2. The purchase price of each mug to the company is $2.40; in addition it costs $1.60 to mail each mug. The results of the premium plan for the years 2020 and 2021 are as follows (assume all purchases and sales are for cash):
2020 2021
Coffee mugs purchased 720,000 800,000
Candy bars sold 5,600,000 6,750,000
Wrappers redeemed 2,800,000 4,200,000
2020 wrappers expected to be redeemed in 2021 2,000,000
2021 wrappers expected to be redeemed in 2022 2,700,000
Required:
Prepare the general journal entries that should be made in 2020 and 2021 related to the above plan by Kane Candy.
Answers: 1
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