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On July 1, Vince Corp. made a sale of $449,000 to Hayford, Inc. on account. Terms of the sale were 2/10, n/30. Hayford makes payment
On July 1, Vince Corp. made a sale of $449,000 to Hayford, Inc. on account. Terms of the sale were 2/10, n/30. Hayford makes payment on July 29. Vince 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 Vince's journal entries. b. What net sales does Vince report? a. Prepare all Vince's journal entries. (Record debits first, then credits. Exclude explanations from any journal entries.) On July 1, Vince Corp. made a sale of $449,000 to Hayford, Inc. on account. Terms of the sale were 2/10, n/30. July 1 Account Accounts Receivable - Hayford 440020 Sales Revenue 440020 On July 29, Vince records the payment by Hayford. Account July 29 440020 Cash Accounts Receivable - Hayford 440020 b. What net sales does Vince report? Vince reports net sales of $
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