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Blue Company offers a set of building blocks to customers who send in 3 UPC...

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Accounting

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Blue Company offers a set of building blocks to customers who send in 3 UPC codes from Blue cereal, along with 60. The block sets cost Blue $1.00 each to purchase and 704 each to mal to customers. During 2017, Blue sold 676,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2017, 87,600 UPC codes were redeemed. Prepare Blue's December 31, 2017, adjusting entry (if no entry is required, select "No Entry" for the account title and enter for the amount Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Account Titles and Explanation Credit Premium Expense 22484 Premium Expense 22484

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