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Prepare all the entries that would be made relative to sales

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Question - Headland Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Headland Company purchased 9,700 premiums at 85 cents each and sold 113,000 boxes of soap powder at $3.60 per box; 48,200 coupons were presented for redemption in 2017. It is estimated that 60% of the coupons will eventually be presented for redemption.

Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2017.

Reference no: EM131633985

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