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Record the journal entries necessary

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Question - Minto Co. Includes one coupon in each box of detergent powder it sells. In return for five coupons, customers receive a utensil that the company purchases for $1.00 each. Minto's experience indicates that 50% of the coupons will be redeemed. During 2010, 100,000 bags of detergent powder were sold, 10,000 utensils were purchased, and 40,000 coupons were redeemed. During 2011, 125,000 bags of detergent powder were sold, 12,000 utensils were purchased, and 60,000 coupons were redeemed.

Instructions: Record the journal entries necessary for 2010 and 2011?

Reference no: EM132094397

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