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

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Accounting

Waterway Company offers a set of building blocks to customers who send in 3 UPC codes from Waterway cereal, along with 50. The block sets cost Waterway $1.00 each to purchase and 60 each to mail to customers. During 2025, Waterway sold 960,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2025, 96,000 UPC codes were redeemed. Prepare Waterway's December 31, 2025, adjusting entry. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit

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