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  3. clark and lewis wholesalers, inc. sells hiking boo

Clark and Lewis Wholesalers, Inc. sells hiking boots for $100 per pair. On June 1,...

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Accounting

Clark and Lewis Wholesalers, Inc. sells hiking boots for $100 per pair. On June 1, the company sold 50 pairs on account to a customer with terms of 210,n30. The customer paid for 20 pairs of boots on June 9 and paid for the remaining 30 pairs on June 29. Provide the necessary journal entries for Clark and Lewis to record these transactions using the most-likely-amount method assuming that the customer will not take the discount. Also, prepare the journal entries if the customer will take the discount. (Ignore the journal entry that wouQ typically be necessary to record the cost of goods sold and the reduction of inventory.) Also, provide a comparison of the impact on the income statement for each assumption.
Provide the necessary journal entries for Clark and Lewis to record these transactions using the most likely amount method, if the customer will not take the discount (gross method).(Record debits first, then credits. Exclude explanations from any journal entries.)
June 1: The company sold 50 pairs of hiking boots to a customer on account with terms of 210,n30.
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