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Prepare journal entries for park-n-shop

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Reference no: EM133185257

Question - Park-n-Shop is promoting a deal. For a single purchase of $500, the customer can choose to get a $50 voucher for next purchase as long as the customer posts an advertisement on the Facebook. Under this deal, the customer needs to pay $520 for the current purchase (i.e., if the customer takes the deal, she or he pays $20 more). The fair value of Facebook advertisement is $20 for each post.

Required - Prepare journal entries for Park-n-Shop when a customer purchased $500 goods and chose to take this deal. You don't need to record the inventory-related journal entry.

Reference no: EM133185257

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