Coca cola Company in Ramallah offers a premium plan for its customers beginning 1/1/2019. The offer was for 100 NIS the customer received one coupon. Customers may exchange every 50 coupon and 30 Nis for a camera. The company pays 50 NIS for each camera and estimates that 70% of the coupons given to customers will be take the benefit 60% in the following year and 40% next following year. The results of the premium plan for the years 2019and 2020 are as follows (assume all purchases and sales are for cash): 2020 2019 Sales 11,200,000 10,900,000 Purchases (cameras) 3500000 3270000 Premium liabilities(31/12) 2008000 Required: Journalize the above economic events2019,2020?
Coca cola Company in Ramallah offers a premium plan for its customers beginning 1/1/2019. The offer was for 100 NIS the customer received one coupon. Customers may exchange every 50 coupon and 30 Nis for a camera. The company pays 50 NIS for each camera and estimates that 70% of the coupons given to customers will be take the benefit 60% in the following year and 40% next following year.
The results of the premium plan for the years 2019and 2020 are as follows (assume all purchases and sales are for cash):
2020 2019
Sales 11,200,000 10,900,000
Purchases (cameras) 3500000 3270000
Premium liabilities(31/12) 2008000
Required: Journalize the above economic events2019,2020?
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