In the current year, Laker Corporation had sales of $2,020,000 and cost of goods sold...
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In the current year, Laker Corporation had sales of $ and cost of goods sold of $ Laker expects returns in the following year to equal of sales and of cost of goods sold. The unadjusted balance in Inventory Returns Estimated is a debit of $ and the unadjusted balance in Sales Refund Payable is a credit of $ The adjusting entry or entries to record the expected sales returns is are: 
In the current year, Laker Corporation had sales of $ and cost of goods sold of $ Laker expects returns in the following year to equal of sales and of cost of goods sold. The unadjusted balance in Inventory Returns Estimated is a debit of $ and the unadjusted balance in Sales Refund Payable is a credit of $ The adjusting entry or entries to record the expected sales returns is are:
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