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Furtastic manufactures imitation fur garments. On June 1, 2021, Furtastic made a sale to Willett's Department Store under terms that require Willett to pay $200,000
Furtastic manufactures imitation fur garments. On June 1, 2021, Furtastic made a sale to Willett's Department Store under terms that require Willett to pay $200,000 to Furtastic on June 30, 2021. In a separate transaction on June 15, 2021, Furtastic purchased brand advertising services from Willett for $22,000. The fair value of those advertising services is $10,000. Furtastic expects that 2% of all sales will prove uncollectible. Required: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the Furtastic's sale on June 1, 2021. Note: Enter debits before credits. Record the Furtastic's purchase of advertising services from Willett on June 15 , 2021. Assume all of the advertising services are delivered on June 15, 2021. Note: Enter debits before credits. Record the Furtastic's receipt of $200,000 from Willett on June 30,2021 . Note: Enter debits before credits
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