2 - In its first ear of business, Borden Corporation had sales of $2,000,000 and cost of goods sold of $1,200,000. Borden expects returns in the following year to equal 8% of sales. The adjusting entry or entries ) record the expected sales

returns Is (are):

a) |

b) (

c) C

d)

e)

Sales Returns and Allowances

Sales Refund Payable

Inventory Retums Estimated

Cost of goods sold

Sales returns and allowances

Sales

Cost of Goods Sold

Inventory Returns Estimated

Sales Refund Payable

Accounts receivable

Sales

Sales Refund Payable

Accounts receivable

Accounts Receivable

Sales

Leave blank

160.000

96.000

160,000

96,000

160,000

2.000,000

|160,000

96.000

160.000

96,000

160,000

160,000

1,840,000

2.000,000

2,000,000