Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. During 2010, retailers returned CDs
Question:
Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. During 2010, retailers returned CDs to Aamodt and were granted credit of $78,000. Past experience indicates that the normal return rate is 15%. Prepare Aamodt’s entries to record
(a) The $78,000 of returns
(b) Estimated returns at December 31, 2010.
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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