The Western Canada Luggage Company (WCLC) launched a new promotional campaign on May 2, 2021. It offersits customers a gift set if the customer purchases 2 suitcases. Each suitcase sold includes a coupon. Thecustomer must present 2 coupons plus $10 to receive the traveller's gift. The promotional offer expires on May1, 2022. The following information pertains to the promotional campaign:Number of traveller's gift sets purchased by WCLCPrice per traveller's gift set purchased by WCLCNumber of suitcases sold25,800860,22945,172Total number of coupons estimated to be redeemed by customersNumber of coupons redeemed by customers by December 31, 2021Selling price per suitcaseCost to ship each gift set to the customer33,880976.Assume that WCLC has a year end of December 31, and follows ASPE. Note that all sales are cash sales.Required:Prepare any journal entries required by WCLC during 2021, including any year-end adjustingjournal entries. Ignore cost of goods sold in preparing your entries.

A journal entry is a type of accounting entry that is being used to represent a financial…

The Western Canada Luggage Company its customers a gift set if the customer purchases 2 suitcases. Each suitcase sold includes a coupon. The customer must present 2 coupons plus $10 to receive the traveller's gift. The promotional offer expires on May 1, 2022. The following information pertains to the promotional campaign: LC) launched a new promotional campaign on May 2, 25,800 Number of traveller's gift sets purchased by WCLC Price per traveller's gift set purchased by WCLC Number of suitcases sold 8. 60,229 Total number of coupons estimated to be redeemed by customers Number of coupons redeemed by customers by December 31, 2021 45,172 33,880 97 Selling price per suitcase Cost to ship each gift set to the customer 6. Assume that WCLC has a year end of December 31, and follows ASPE. Note that all sales are cash sales. Required: Prepare any journal entries required by WCLC during 2021, including any year-end adjusting journal entries. Ignore cost of goods sold in preparing your entries.

The Western Canada Luggage Company its customers a gift set if the customer purchases 2 suitcases. Each suitcase sold includes a coupon. The customer must present 2 coupons plus $10 to receive the traveller's gift. The promotional offer expires on May 1, 2022. The following information pertains to the promotional campaign: LC) launched a new promotional campaign on May 2, 25,800 Number of traveller's gift sets purchased by WCLC Price per traveller's gift set purchased by WCLC Number of suitcases sold 8. 60,229 Total number of coupons estimated to be redeemed by customers Number of coupons redeemed by customers by December 31, 2021 45,172 33,880 97 Selling price per suitcase Cost to ship each gift set to the customer 6. Assume that WCLC has a year end of December 31, and follows ASPE. Note that all sales are cash sales. Required: Prepare any journal entries required by WCLC during 2021, including any year-end adjusting journal entries. Ignore cost of goods sold in preparing your entries.

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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