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  3. starlord's music shop's cash sales for year 1 were

Starlord's Music Shop's cash sales for Year 1 were $783,300, and $939,960 for Year 2...

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Starlord's Music Shop's cash sales for Year 1 were $783,300, and $939,960 for Year 2 . These figures included the 11.9% galactic sales tax. The store glves its customers coupons redeemable for a poster plus a Blue Swede CD. One coupon is issued for each dollar of sales, On the surrender of 100 coupons and $6.00 cash, the poster and CD are given to the customer. It is estimated that 80% of the coupons will be presented for redemption. Coupons redeemed in Year 1 totaled 420,000 , and coupons redeemed in Year 2 totaled 750,000. Starlord's Music Shop bought 20,000 posters at $2.50/ poster and 20,000CD s at $7.50/CD. 1. Record the journal entry for sales and sales tax for Year 1 (assume the company uses the perpetual inventory system). 2. Complete the table below related to coupon redemptions for sales in Year 1. 3. Record the journal entry for coupon redemptions in Year 1. 4. Record the adjusting entry to accrue for the estimated liability at the end of Year 1

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