On July 1,Oura corp made a sale of $450,0000 to Stratus, INC. on account. Terms...
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Accounting
On July 1,Oura corp made a sale of $450,0000 to Stratus, INC. on account. Terms of the sales were 2/10, n 30. Stratus makes payment on July 29. Our uses the most likely amount method and assumes that the customer will take the discount when accounting for sales discounts. Ignore COGS and the reduction of inventory. a. prepare all Oura's journal entries b. what net sales does does Oura report? P.s. If someone could explain the difference between most likely amount method and expected value method I would greatly appreciate it.
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