During the month of July, Green Sky Toy Company started a now promotion. The company...
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During the month of July, Green Sky Toy Company started a now promotion. The company offered to roward their customers for all salos made on Dolls or Toy Trucks during the month of July. For each sale mado, the customer will receive a 2% reward of the sales price, which can be redeemed on future purchases until Decembor of the current yoar, Groen Sky Toy Company estimates that 50% of the rewards will be redoomed. The stand-alono value of the rewards is $3,000. During the month of July, $ 150,000 of Dolls and Toy Trucks were sold. There was $ 455 worth of redemptions in August Required: a) Prepare the journal entries to record all transactions related to the reward promotion July 31 August 31 e b) Identify any liabilities that would be reported on the August 31, 2021, balance sheet
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