Blossom Company includes 1 coupon in each box of soap powder that it packs, and 5 coupons are redeemable for a premium (a kitchen utensil). In 2020, Blossom Company purchased 8,000 premiums at 50 cents each for cash and sold 58,500 boxes of soap powder at $3.50 per box for cash; 21,250 coupons were presented for redemption in 2020. 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 2020. *(If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)*| Account Titles and Explanation | Debit | Credit ||--------------------------------|-------|--------|| | | || | | || *(To record the premium inventory)* | | || | | || | | | This image appears to represent a template or form used for accounting entries. The form is divided into three primary sections, each with several empty boxes meant for data or information input.### Sections:1. **To record the sales:** - This section seems to be designed for entering information related to sales transactions. Typically, this would involve noting the sales revenue, accounts that are debited or credited, and possibly the date or any specific identifiers for the transaction.2. **To record the expense associated with the sale:** - This part focuses on the expenses incurred as a result of the sale. Entries might include cost of goods sold (COGS), sales tax, or any other expenses directly tied to the sales process.3. **To record the premium liability:** - This section is for documenting any premium liabilities. Premium liabilities could refer to obligations due to premium products, services, or warranties linked with the sale.### Input Fields:Each section has a series of rectangular boxes lined horizontally, meant for entering specific accounting details. These boxes could be used for typing in amounts, account names, transaction IDs, or date stamps necessary for completing each entry correctly.### Note:No graphs or diagrams are included in this template. This form primarily serves as an organizational tool for bookkeeping or financial tracking purposes.

3 Golden rules of accounting are Real account : As per real account rule we should what comes in…

4 Blossom Company includes 1 coupon in each box of soap powder that it packs, and 5 coupons are redeemable for a premium (a kitchen utensil). In 2020, Blossom Company purchased 8,000 premiums at 50 cents each for cash and sold 58,500 boxes of soap powder at $3.50 per box for cash; 21,250 coupons were presented for redemption in 2020. 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 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To record the premium inventory) Debit Credit

4 Blossom Company includes 1 coupon in each box of soap powder that it packs, and 5 coupons are redeemable for a premium (a kitchen utensil). In 2020, Blossom Company purchased 8,000 premiums at 50 cents each for cash and sold 58,500 boxes of soap powder at $3.50 per box for cash; 21,250 coupons were presented for redemption in 2020. 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 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation (To record the premium inventory) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Marigold Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Marigold Company purchased 9,100 premiums at 75 cents each and sold 101,000 boxes of soap powder at $ 3.60 per box; 40,800 coupons were presented for redemption in 2020. 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 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
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