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At December 31,2025, Concord Corporation estimates that goods with a selling price...

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Accounting

At December 31,2025, Concord Corporation estimates that goods with a selling price of $1,050 and a cost of $460 that were sold on
account during the current period will be returned during the next accounting period. Record the entries required to adjust for this
information. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically
indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)
Date
Account Titles and Explanation
Debit
Credit
Dec.
31
(To record expected sales return)
Dec.
31
(To record the expected return and related reduction in Cost of
Goods Sold)
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