Question
15. Jackson Vita sells vitamins to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days.
15. Jackson Vita sells vitamins to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. On February 10, 2019, a customer purchases $3,000 of products (cost $1,500). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the return of $200 of merchandise includes a Answer Calculations/JE: a. credit to Returned Inventory for $600 b. credit to Accounts Receivable for $200. c. debit to Cost of Goods Sold for $200 d. debit to Accounts Receivable for $200
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