Question
5. Carter's Coats had sales of $500,000 in 2022. The Cost of goods sold for 2022 was $250,000. Carter estimates 10% of the sales
5. Carter's Coats had sales of $500,000 in 2022. The Cost of goods sold for 2022 was $250,000. Carter estimates 10% of the sales will be returned. a. Required: Prepare the adjusting journal entries for sales returns payable. b. Extra Credit: Wren Wright returned a coat on January 7th. The coat was sold for $5,000, cash and had a cost of $2,500. Required: Prepare the journal entries for the return.
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Fundamental Accounting Principles
Authors: John Wild, Ken Shaw, Barbara Chiappetta
22nd edition
978-0077862275
