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During 2017, it is first of operations, ABC company recorded sales of $ 11,660,000 and...

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Accounting

During 2017, it is first of operations, ABC company recorded sales of $ 11,660,000 and experienced returns of $720,000, cost of goods sold totaled $ 4,664,000, the company estimates that 8% of all sales will be returned.

  1. Prepare summary journal entries to record sales returns
  2. Prepare year-end adjusting entries to account for anticipated sales returns.

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