Question 49 (10 points) Gardi Inc. allows customers to return merchandise for a full refund...
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Question 49 (10 points) Gardi Inc. allows customers to return merchandise for a full refund for up to 30 days if they are not satisfied. Gardi estimates that 12% of sales are normally returned. On August 1, 2020, Gardi sold merchandise on account for $15,000 (cost $12,000). On August 20, 2020, a customer returned $100 worth of merchandise. Gardi Inc. follows IFRS. Required: Prepare the journal entries (i) for Gardi at the time of sale on August 1, 2020, and (ii) for the return on August 20, 2020
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