To increase sales, Sandhill Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $30 of merchandise purchased. Each point is redeemable for a $2.00 discount on any purchases of Sandhill merchandise in the next three years. After the program launched, during 2023, customers bought merchandise for $330,000 (all products are sold to provide a 40% gross profit) and earned 11,000 points redeemable for future purchases. The stand-alone selling price of the merchandise sold is $330,000. Based on prior experience with incentive programs like this, Sandhill expects 8,000 points to be redeemed related to these sales. (b) Prepare the journal entries for cash sales including the issuance of loyalty points for Sandhill in 2023. (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. Round percentage allocations to 2 decimal places, e.g. 52.75% and final answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

To increase sales, Sandhill Inc., a public company following IFRS, implemented a customer loyalty program that rewards a customer with one loyalty point for every $30 of merchandise purchased. Each point is redeemable for a $2.00 discount on any purchases of Sandhill merchandise in the next three years. After the program launched, during 2023, customers bought merchandise for $330,000 (all products are sold to provide a 40% gross profit) and earned 11,000 points redeemable for future purchases. The stand-alone selling price of the merchandise sold is $330,000. Based on prior experience with incentive programs like this, Sandhill expects 8,000 points to be redeemed related to these sales. (b) Prepare the journal entries for cash sales including the issuance of loyalty points for Sandhill in 2023. (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. Round percentage allocations to 2 decimal places, e.g. 52.75% and final answers to 0 decimal places, e.g. 5,275. List all debit entries before credit entries.) 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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please explain the answer B ?
can you answer d
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Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
hrl.3 answer must be in proper format or i will give down vote