HotPizza is an Italian pizza shop. It offers loyalty discounts as a means to increase sales...
HotPizza is an Italian pizza shop. It offers loyalty discounts as a means to increase sales and also to encourage loyalty. The loyalty discounts allow customers to obtain 1 pizza free after they have purchased the 9th pizza. The price of a Vege Supreme pizza is $10.50. Required(Show any necessary calculations and round your answers to two decimal places): Prepare the journal entries for El Pizza when each pizza is sold and when the 10th pizza is provided for free.
Homework Answers
| Account Titles | Debit | Credit |
| $ | $ | |
| Cash | 10.50 | |
| Loyalty Discount Allowable | 1.17 | |
| Sales Revenue | 9.33 | |
| Sale of pizza | ||
| Loyalty Discount Allowable | 10.50 | |
| Sales Revenue | 10.50 | |
| Providing 10th pizza for free |
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