Solved: Cracker corporation began a special promotion in july 2013, Accounting Basics

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Cracker corporation began a special promotion in july 2013

Question- Cracker Corporation began a special promotion in July 2013 in an attempt to increase sales. A coupon was placed in each box of product. Customers could send in five coupons for a free prize. Each prize cost Cracker Corporation $2.00. Cracker's management estimated that 70% of the coupons would be redeemed. For the six months ended December 31, 2013, the following information is available:

Required: Record all necessary journal entries for the premium offer for 2013.

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Accounting Basics: Cracker corporation began a special promotion in july 2013

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Accounting Basics: Cracker corporation began a special promotion in july 2013

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