Supplier A always offers all its customers a volume rebate of $1.00 on each unit purchased if more than 50,000 units are purchased during the calendar year. This was the first time Customer B expected to qualify for the rebate. By August 31 of the current year, Customer B had already purchased 40,000 units at $25 per unit and by their year end at December 31, they had purchased 12,000 more units. All the units had been sold by the end of December except for 2,600 left in ending inventory. Customer B expects to receive the rebate sometime in January. The journal entry to record the rebate would most likely include.

Answer rating: 100% (QA)

Journal Entry for Volume Rebate Heres the most likely journal entry to record the volume rebate for ... View the full answer