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Hi! Can I get some help answering this question, thank you! Kristen's Apparel offers its...

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Accounting

Hi! Can I get some help answering this question, thank you!

Kristen's Apparel offers its customers the right to return any products purchased up to 45 days after the sale, for any reason. Last Thursday, Kristen's Apparel sold 100 blue cardigans to a variety of customers. Historically (based on experience), Kristen (owner of Kristen's Apparel) expects 20 of those cardigans to be returned for a full refund. On average, Kristen sells a cardigan for $125 and pays $50 to produce a cardigan. Prepare the entries to record the sale of the cardigans and expected refund liability and corresponding asset in accordance with GAAP. You may use traditional journal entries or the accounting equation to illustrate your entries.

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