15. Jackson Vita sells vitamins to customers with an unconditional right of return if they...
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15. Jackson Vita sells vitamins to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. On February 10, 2019, a customer purchases $3,000 of products (cost $1,500). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the return of $200 of merchandise includes a Answer Calculations/JE: a. credit to Returned Inventory for $600 b. credit to Accounts Receivable for $200. c. debit to Cost of Goods Sold for $200 d. debit to Accounts Receivable for $200
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