Question
WILL RATE During 2024, its first year of operations, Ashbaugh industries recorded sales of $21,300,000 and experienced returns of $1,430,000. Returns are accounted for as
WILL RATE
During 2024, its first year of operations, Ashbaugh industries recorded sales of $21,300,000 and experienced returns of $1,430,000. Returns are accounted for as they occur, with additional estimated returns accrued at the end of the period. Cost of goods sold totaled $14,910,000 0% of sales). The company estimates that 8% of allsales willbe returned. The year-end odjusting journal entry to account for anbicipsted seles returns would include a:
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Intermediate Accounting
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
Volume 1, 6th Edition
1259103250, 978-1259103254, 978-0071339476
