9/1/21 Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale.
9/1/21 Made various board sales totaling $360,000 on account for 500 boards. In order to entice off-season sales to the fans of our logo-encrypted boards, we offered a coupon for 50% off an NCAA football ticket normally costing $200. It is estimated that 80% of the tickets will be redeemed by December 31, 2021. Each board normally sells for $720. The cost of the boards was $151,000. Use the gross method to record the sale.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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9/1/21 Made various board sales totaling $360,000 on account for 500 boards. In
order to entice off-season sales to the fans of our logo-encrypted boards, we
offered a coupon for 50% off an NCAA football ticket normally costing $200.
It is estimated that 80% of the tickets will be redeemed by December 31,
2021. Each board normally sells for $720. The cost of the boards was
$151,000. Use the gross method to record the sale.
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