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Record all necessary journal entries for the coupon offer

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Reference no: EM132895437

Problem - Cracker Corporation began a special promotion in July 2021 in an attempt to increase sales. A coupon was included in various print advertisements. Customers could send in five coupons to receive $2.00. Cracker's management estimated that 70% of the coupons would be redeemed. Cracker recognizes coupon promotion expense in the period the coupons are issued. For the six months ended December 31, 2021, the following information is available: Coupons distributed 2,000,000 Coupons redeemed 560,000. Record all necessary journal entries for the coupon offer for 2021.

Reference no: EM132895437

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