Question: Using the information in RE17 13 what journal entry would

Using the information in RE17 13, what journal entry would CoolShoes make to record the sale of 100 pairs of RF17 shoes on account to a retailer?
In exercise
CoolShoes sells its elite tennis shoes to sports retailers throughout the country. When introducing its new RF17 shoes that sell for $ 125 per pair, the company includes a $ 15 rebate form. The rebate form can be used when the customer ultimately purchases the shoes. CoolShoes sells 100 pairs of shoes and estimates that 80% of the rebate forms will be returned by customers for a rebate. Determine the transaction price that CoolShoes should use when recognizing revenue from sale of one pair of the RF17 shoe.

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  • CreatedOctober 05, 2015
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