Bramble Corp. offers its customers a 5-piece knife set in exchange for $9 and the purchase of its CC Cookware set. The company purchased 3,220 units of the 5-piece knife sets at $15 each. It estimates that 70% of customers will participate in the promotion and that 5% of the amount received from customers relates to the awarded premiums. In 2024, the company sold 3,950 cookware sets at a sales price of $132 resulting in sales revenue of $521,400. By the end of the year, 2,760 customers took advantage of the promotion. Prepare the appropriate journal entries assuming Bramble follows ASPE and uses the expense approach. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record purchase of premiums) (To record cash sales) (To record redemption for premiums) (To record premium expense) Debit Credit

Bramble Corp. offers its customers a 5-piece knife set in exchange for $9 and the purchase of its CC Cookware set. The company purchased 3,220 units of the 5-piece knife sets at $15 each. It estimates that 70% of customers will participate in the promotion and that 5% of the amount received from customers relates to the awarded premiums. In 2024, the company sold 3,950 cookware sets at a sales price of $132 resulting in sales revenue of $521,400. By the end of the year, 2,760 customers took advantage of the promotion. Prepare the appropriate journal entries assuming Bramble follows ASPE and uses the expense approach. Ignore any cost of goods sold entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation (To record purchase of premiums) (To record cash sales) (To record redemption for premiums) (To record premium expense) Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I, J, K
7-3 A
need help with question 6
question G and f.
Question 4 Listen Which of the following points are on the unit circle? Select all that apply. A (--) B (33.3) C 12 (1/13. 31/3)