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20) On January 1st, 2018 Stop & Shop had sales of $1,000,000 and cost of...

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Accounting

20) On January 1st, 2018 Stop & Shop had sales of $1,000,000 and cost of goods sold of $600,000 for the year. Stop & Shop estimates that approximately 4% of the merchandise sold will be returned. (5 Pts) Instruction: 1. Calculate the estimated Refund Payable & Cost of Goods Sold amount for the year. 2. Record the two Adjusting entries on December 31, 2018 to account for the estimated refund & Cost of Goods for the year

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