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c. Journalize the liability (if any) on February 28 for the coupons Seifert Stores printed in February. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores estimates that 15% of the $2-off coupons printed February will be redeemed before they expire April 30. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Feb. 28

c. Journalize the liability (if any) on February 28 for the coupons Seifert Stores printed in February. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores estimates that 15% of the $2-off coupons printed February will be redeemed before they expire April 30. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Feb. 28

FINANCIAL ACCOUNTING
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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c. Journalize the liability (if any) on February 28 for the coupons Seifert Stores printed in February. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores estimates that 15% of the $2-off coupons printed February will be redeemed before they expire April 30. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Feb. 28 88
Transcribed Image Text:c. Journalize the liability (if any) on February 28 for the coupons Seifert Stores printed in February. Assume that Seifert Stores sold $25,000,000 of merchandise in February, which generated 12,500,000 printed sales receipts. The merchandise sold cost $16,500,000. Siefert Stores estimates that 15% of the $2-off coupons printed February will be redeemed before they expire April 30. If an amount box does not require an entry, leave it blank. Date Account Debit Credit Feb. 28 88
Sales promotions At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Selfert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. a. Journalize the February 6 sale to Marci Andrews: If an amount box does not require an entry, leave it blank Account Debit Credit Date Feb. 6 Feb. 6 b. Journalize the February 18 sale to Chris Johnson. If an amount box does not require an entry, leave it blank. Account Debit Credit Date Feb. 18. Feb. 18 0000
Transcribed Image Text:Sales promotions At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1-April 30. Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions: Feb. 6. Sold merchandise to Marci Andrews with a list price of $175 that cost Seifert Stores Inc. $80. Marci presented a $5-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase. 18. Sold merchandise to Chris Johnson with a list price of $50 that cost Selfert Stores $24. The bottom of Chris Johnson's cash receipt includes the $2-off coupon. Chris paid cash for his purchase. a. Journalize the February 6 sale to Marci Andrews: If an amount box does not require an entry, leave it blank Account Debit Credit Date Feb. 6 Feb. 6 b. Journalize the February 18 sale to Chris Johnson. If an amount box does not require an entry, leave it blank. Account Debit Credit Date Feb. 18. Feb. 18 0000
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