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Prepare the journal entry for abc on august

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ABC Ranch & Farm is a distributor of ranch and farm equipment. Its products range from small tools, power equipment for trench-digging and fencing, grain dryers, and barn winches. Most products are sold direct via its company catalogue and internet site. However, given some of its speciality products, select farm implement stores carry ABC's products. Pricing and cost information on three of ABC's most popular products are as follows

ITEM Standalone selling price (cost)

Mini - trencher $3,600 ($2,000)

Power fence hole auger $1,200 ($800)

Grain/hay dryer $14,000 ($11,000)

  • On August 10,2019 ABC sells 16 mini trenchers to a farm co-op in western Minnesota. ABC provides a 4% volume discount on the mini trenchers if the co-op has a 15% increase in purchases from ABC compared to the prior year. Given the slowdown in the farm economy, sales to the co-op have been flat, and it is highly uncertain that the benchmark will be met.

Required:

Problem 1: Prepare the journal entry for ABC on August 10,2019.

Reference no: EM132696583

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