On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be...
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Accounting
On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue for the year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.
Would the journal entries be:
Sales Revenue 1,600
Refunds Payable 1,600
Estimated Returns Inv 960
COGS 960
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