I am definitely not an accountant but I am trying to assist a small jewelry store with their books. (They use Peachtree.) The store printed two types of coupons: one version says something like "10% off your next purchase" and one version that says "$50 off your next purchase" and I'm not sure what the journal entry would be after someone uses each type of coupon. Wouldn't the journal entry be the same for both coupons? I would just need to know the dollar amount represented by the
10%?Also, sometimes the coupons are given to new employees as "signing bonus". Would the journal entries be the same as above?
Thanks!
Sara