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Smith & Sons Inc. is a sporting goods manufacturer. The firm uses a periodic inventory...

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Accounting

Smith & Sons Inc. is a sporting goods manufacturer. The firm uses a periodic inventory system. Smith & Sons shipped $30,000 of defective goods to a retailer. The retailer and Smith & Sons agreed that the retailer would keep the goods in exchange for a $3,000 allowance. The cost of the goods was $1,500. What journal entry (or entries) would Smith & Sons record?

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