Question

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. Record the statement for June 01.

Answer 1

Furtastic, a company that manufactures imitation fur garments, made a sale to Willett's Department Store and purchased advertising services. The statement for June 1 is being asked to be recorded.

Step-by-step explanation:

The subject of this question is business. Furtastic is a company that manufactures imitation fur garments and this question is about their financial transactions. The question asks to record the statement for June 1, specifically regarding a sale to Willett's Department Store and a separate purchase of advertising services from Willett.