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Jennifer Cakes places a coupon in each box of its product. Customers may send in...

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Jennifer Cakes places a coupon in each box of its product. Customers may send in five coupons and S3, and the company will send them a recipe book. Sufficient books were purchased at a cost of $5 each. A total of 400,000 boxes of product were sold in 2014. It was estimated that 6% of the coupons would be redeemed. During 2014, 8,000 coupons were redeemed. Which entry should be made at December 31, 2014? Premium Expense 6,400 400 ledP Estimated Premium Claims Outstanding Premium Expense 16,000 Premium Expense Premium Expensc 9,600 16,000 Estimated Premium Claims Outstanding 6,400 Inventory of Premiums 6,400 9.600 Estimated Premium Claims Outstanding

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