fitch and Hegge Wholesalers, Inc. sells hiking boots for $ 300 per pair. On June...
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fitch and Hegge Wholesalers Inc. sells hiking boots for $ per pair. On June the company sold pairs on account to a customer with terms of n The customer paid for pairs of boots on June and paid for the remaining pairs on June Provide the necessary journal entries for Fitch and Hegge to record these transactions using the mostlikelyamount method assuming that the customer will not take the discount. Also, prepare the journal entries assuming that the customer will take the discount.Ignore the journal entry that would 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.
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