Advance accounting

XLII - Right of Return NN Company sells 240 units for P100 each to JJ Inc. for cash. NN allows JJ to return any unused product within 30 days and receive a full refund. The cost of each product is P60. To determine the transaction price, NN decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the most likely amount. Using the most likely amount, Nathan estimates that: 1. Six products will be returned. to nobelonto 2. The costs of recovering the products will be immaterial. 3. The returned products are expected to be resold at a profit. ongive eldevon Required: 1. Prepare the journal entries in relation to the sale.god 2. Prepare the journal entries when a return occurs. w work :beilupes