On July 1, Ciano Corp. made a sale of $454,000 to Femandez, Inc. on account Terms of the sale were 1/10, n/30. Fernandez makes payment on July 29. Clano uses most likely-amount method and assumes that the customer will take the discount when accounting for sales discounts. Ignore cost of goods sold and the reduction of inventory a. Prepare all Ciano's joumal entries b. What net sales does Ciano report? a. Prepare all Ciano's journal entries (Record debits first, then credits. Exclude explanations from any joumal entries.) On July 1, Ciano Corp. made a sale of $454,000 to Fernandez, Inc. on account Terms of the sale were 1/10. n/30. Account July 1 On July 29, Ciano records the payment by Femandez. Account July 29 On July 1, Ciano Corp. made a sale of $454,000 to Fernandez, Inc. on account. Terms of the sale were 1/10, n/30. Fernandez makes payment on July 29. Clano uses most-likely-amount method and assumes that the customer will take the discount when accounting for sales discounts. Ignore cost of goods sold and the reduction of inventory a. Prepare all Ciano's joumal entries. b. What net sales does Ciano report? Account July 7 On July 29, Ciano records the payment by Fernandez, Account July 29 b. What net sales does Ciano report? Ciano reports net sales of S in the innt fields and then continue to the next