On July 1, Vince Corp. made a sale of $453,000 to Fernandez, Inc. on account. Terms of the sale were 2/10, n/30. Fernandez makes
On July 1, Vince Corp. made a sale of $453,000 to Fernandez, Inc. on account. Terms of the sale were 2/10, n/30. Fernandez 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 $453,000 to Fernandez, Inc. on account. Terms of the sale were 2/10, n/30. Account On July 29, Vince records the payment by Fernandez. Account b. What net sales does Vince report? Vince reports net sales of $ July 1 July 29
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