(Answered) 1 wynn company offers a set of building blocks to customers

Accounting

1. Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The blocks sets cost Wynn $1.10 each to purchase and 60¢ each to mail to customers during 2010, Wynn sold 1,200,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2010, 120,000 UPC codes were redeemed. Prepare Wynn's December 31, 2010, adjusting entry.

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