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No Doubt Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2014, No Doubt Company purchased 9,590 premiums at 70 cents each and sold 148,700 boxes of soap powder at $3.40 per box; 59,100 coupons were presented for redemption in 2014. It is estimated that 60% of the coupons will eventually be presented for redemption.

Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2014.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M949460

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