Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the

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Assume the following data for Oshkosh Company before its year-end adjustments:

Journalize the adjusting entries for the following:
a. Estimated customer refunds and allowances
b. Estimated customer returns?

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Accounting

ISBN: 978-1337899451

27th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Question Posted: May 08, 2017 11:31 AM

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Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the

Question:

Unadjusted Balances Debit Credit Sales Cost of Merchandise Sold Estimated Returns Inventory Customer Refunds Payable $51,600000 $31,750,000 28,100 115,400 Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2%

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a Sales 51600000 x 12 6192...View the full answer

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