PROBLEMSProblem 2-1 (IAA)Miracle Company manufncturers a product that is packagedand sold. A plate is offered to customera sending in threewrappers nccompanied by a remittance of P10.Data with respect to the premium offer are summarized below.20202021SalesPurchane of premium, P50 per plateNumber of plates distributed an premiumaEstimated number of plates to bedistributed in subsequent periodDistribution cost P20 per plate3,600,000390,0005,0004,200,000580,0009,0002,0003,000Required:Prepare journal entries that would be made in 2020 and 2021to record sales, premium purchases and redemptions, andyear-end adjustments.Problem 2-2 (IAA)Cascade Company manufactures a special laundry soap.A towel is offered as a premium to customers who send in twoproof-of-purchase seals from the soap boxes and a remittanceof P20. Distribution cost is P5 per'towel.Data for the premium offer are.20202021Soap salesTowel purchases, P100 per towelNumber of towels distributed as premiumNumber of towels expected to bedistributed in subsequent period2,500,000175,0001,0003,125,000200,0001,800600800Required:1. Prepare journal entries for 2020 and 2021.2. Statement classification of the account balances pertainingto the premium plan.55

Name: PROBLEMSProblem 2-1 (IAA)Miracle Company manufncturers a product that
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Description: PROBLEMSProblem 2-1 (IAA)Miracle Company manufncturers a product that is packagedand sold. A plate is offered to customera sending in threewrappers nccompanied by a remittance of P10.Data with respect to the premium offer are summarized below.202020

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Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customern sending in three wrappers accompanied bya remittance of P10. Data with respect to the premium offer are nummarized below.

Miracle Company manufacturers a product that is packaged and sold. A plate is offered to customern sending in three wrappers accompanied bya remittance of P10. Data with respect to the premium offer are nummarized below.

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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