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Recording Estimated Returns Fizer recognized sales of $1,250,000 in 2020 on merchandise with a cost...

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Accounting

Recording Estimated Returns

Fizer recognized sales of $1,250,000 in 2020 on merchandise with a cost of $650,000. Actual sales returns in 2020 were $7,000. Based on historical trends, the company estimates returns to be 1.5% of sales. Assuming all sales are on account, record the adjusting entry for estimated sales returns on December 31, 2020.

Note: Round your answers to the nearest whole number.

Date. Account name dr. cr.

Dec 31 (Blank)

(Blank)

Dec 31 (Blank)

(Blank)

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