On january 10, molly amise uses her blossom company credit card to purchase merchandise from blossom company for $1,900. on february 10, molly is billed for the amount due of $1,900. on february 12, molly pays $1,000 on the balance due. on march 10, molly is billed for the amount due, including interest at 2% per month on the unpaid balance as of february 12. prepare entries for recognizing accounts receivable.

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?