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What net Sales does Phil reports

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Question - On July 1, Phil's Burgers made a sale of $650,000 to Hull Restaurant Corp on account. The terms were 2/5, n/30. Hull makes payment on July 29. Phil's uses the expected- value method assuming that there is an 80% chance that the customer will not take the discount when accounting for sales discounts. Ignore COGS and inventory entries.

Required -

1. Prepare all of Phil's journal entries.

2. What net Sales does Phil's reports?

Reference no: EM133096110

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