Cullumber Company offers a set of building blocks to customers who send in 3 UPC codes from Cullumber cereal, along with 50¢. The block sets cost Cullumber $1.30 each to purchase and 70¢ each to mail to customers. During 2025, Cullumber sold 1,536,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2025, 153,600 UPC codes were redeemed. Prepare Cullumber's December 31, 2025, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Premium Expense Premium Liability Debit 307,200 Credit 307,200

Cullumber Company offers a set of building blocks to customers who send in 3 UPC codes from Cullumber cereal, along with 50¢. The block sets cost Cullumber $1.30 each to purchase and 70¢ each to mail to customers. During 2025, Cullumber sold 1,536,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2025, 153,600 UPC codes were redeemed. Prepare Cullumber's December 31, 2025, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Premium Expense Premium Liability Debit 307,200 Credit 307,200

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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