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fitch and Hegge Wholesalers, Inc. sells hiking boots for $ 300 per pair. On June...

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Accounting

fitch and Hegge Wholesalers, Inc. sells hiking boots for $ 300 per pair. On June 1, the company sold 95 pairs on account to a customer with terms of 2/10,n/30. The customer paid for 24 pairs of boots on June 9 and paid for the remaining 71 pairs on June 29. Provide the necessary journal entries for Fitch and Hegge to record these transactions using the most-likely-amount 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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