ACCOUNTING-ennifer Cakes places a coupon in each box of its product

QUESTION

ennifer Cakes places a coupon in each box of its product. Customers may send in five coupons and $3, andthe company will send them a recipe book. Sufficient books were purchased at a cost of $5 each. A total of400,000 boxes of product were sold in 2014. It was estimated that 6% of the coupons would be redeemed.During 2016, 8,000 coupons were redeemed. Prepare all journal entries required by the information above

ANSWER:

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