Reference no: EM132722850
Assignment: Furtastic manufactures imitation fur garments. On June 1, 2021, Furtastic made a sale to Willett's Department Store under terms that require Willett to pay $150,000 to Furtastic on June 30, 2021. In a separate transaction on June 15, 2021, Furtastic purchased brand advertising services from Willett for $12,000. The fair value of those advertising services is $5,000. Furtastic expects that 3% of all sales will prove uncollectible.
Required: 1. to 3. Prepare the journal entries to record the transactions above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
1 journal entry: record the Furtastic's sale on June 1, 2021
2 record the furtastics purchase of advertising services from willett on June 15 2021. assume all of the advertising services are delivered on June 15,2021
3 record the Furtastic's receipt of $150m000 from willet on June 30, 2021
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