Beeman Company ells natural supplements to customers with an unconditional sales retum if they are...
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Beeman Company ells natural supplements to customers with an unconditional sales retum if they are not satisfied. The sales returns extends 60 days. On May 1, 2021, corputhese 8.000 of products (cost $4.000). Assuming that based on prior experience, estimated returns are 20%. The jumatentry to record the expected sales return and cost of goods sold includes O credit to Estimated Inventory Returns of 5800 ob credit to Cash and a debit to Ses Hevenue of 58.000 e detrit to Sales Return and Allowance of 51.600 and a credit to Cost of Goode sold of $800 Od debt to Cost of Goods Sold and credit to inventory for $4,000
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