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Monty Corp. offers a set of building blocks to customers who send in three codes...

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Accounting

Monty Corp. offers a set of building blocks to customers who send in three codes from Monty cereal, along with $1.00. Monty purchased 99,000 building block sets in 2023 for $2.40 each, and paid for them by cash. During 2023, Monty sold 0.99 million boxes of cereal for $4 per box. Monty estimates that 10% of the sales amount received from customers relates to the building block sets to be awarded. Monty expects 30% of the codes to be sent in, and in 2023,237,600 codes were redeemed.
(a)
Prepare all necessary journal entries for 2023 if Monty follows IFRS and prefers to use the revenue approach. (Round answers to 0 decimal places, eg.5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Account Titles and Explanation
Debit
Credit
image

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