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Prepare all the journal entries that would be made

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Question - In each box of cereal that it produces, Czyzo Cereal Corp. includes a special coupon. The purchaser may redeem 10 coupons for a cheese grater (premium). Each grater costs Czyzo $0.90.

During 2020, Czyzo purchased 8,000 graters on credit and sold 200,000 boxes of cereal @ $4.00 per box. Based on past experience, Czyzo estimates that 60% of the coupons will be redeemed. During 2020, 45,000 coupons were presented for redemption.

Required - Prepare all the journal entries that would be made regarding the cereal sales and the premium plan in 2020?

Reference no: EM132872289

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