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Assume on 1/4/2017 Max Glass sells $5000 of hurricane glass to Oliver builders on account. On 1/16/2017, Max Glass grants $300 to Olivers because some
Assume on 1/4/2017 Max Glass sells $5000 of hurricane glass to Oliver builders on account. On 1/16/2017, Max Glass grants $300 to Olivers because some of the hurricane glass is of lower quality than originally ordered. The entry to record this transaction is as follows.
On 1/31/17, before preparing financial statements, Max estimates that an additional $100 in sales returns and allowances will result from the sale to Olver on 1/4. Please record one adjusting journal entry to record it.
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