In an attempt to increase sales, Kingbird, Inc. began a special promotion on September 1,2021. A $0.75 coupon was printed on thelabel of 600,000 cans of soup. All of these cans were sold that day for $2.25 each to a large chain of grocery stores on account.Kingbird expected that 20% of the coupons would be redeemed. By the end of December 2021, Kingbird had redeemed 48,000coupons. Kingbird has a December 31 year-end and a periodic inventory system.Prepare the journal entry to record the sales and transactions related to the coupon promotion. Ignore sales taxes. (Credit occounttitles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry“ for theaccount titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditSept. 1eTextbook and MediaList of AccountsPrepare a summary transaction dated December 31, 2021, for the coupons redeemed. (Credit account titles are automaticallyindented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O forthe amounts.)Date Account Tritles and ExplanationDebitCreditDec 31

The journal entries are prepared to keep the record of day to day transactions of the business.

In an attempt to increase sales, Kingbird, Inc. began a special promotion on September 1, 2021. A $0.75 coupon was printed on the label of 600,000 cans of soup. All of these cans were sold that day for $2.25 each to a large chain of grocery stores on account. Kingbird expected that 20% of the coupons would be redeemed. By the end of December 2021, Kingbird had redeemed 48,000 Coupons. Kingbird has a December 31 year-end and a periodic inventory system. Prepare the journal entry to record the sales and transactions related to the coupon promotiòn. Ignore sales taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is requíred, select "No Entry" for the account titles and enter O for the amounts,) Date Account Titles and Explanation Debit Credit Sept. 1 eTextbook and Media List of Accounts Prepare a summary transaction dated December 31, 2021.for the coupons redeemed. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit

In an attempt to increase sales, Kingbird, Inc. began a special promotion on September 1, 2021. A $0.75 coupon was printed on the label of 600,000 cans of soup. All of these cans were sold that day for $2.25 each to a large chain of grocery stores on account. Kingbird expected that 20% of the coupons would be redeemed. By the end of December 2021, Kingbird had redeemed 48,000 Coupons. Kingbird has a December 31 year-end and a periodic inventory system. Prepare the journal entry to record the sales and transactions related to the coupon promotiòn. Ignore sales taxes. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is requíred, select "No Entry" for the account titles and enter O for the amounts,) Date Account Titles and Explanation Debit Credit Sept. 1 eTextbook and Media List of Accounts Prepare a summary transaction dated December 31, 2021.for the coupons redeemed. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit

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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