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Assume that Olympia Corporation follows ASPE and estimates that approximately 6% of its $1.5 million of trade receivables outstanding will be returned or some adjustment

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Assume that Olympia Corporation follows ASPE and estimates that approximately 6% of its $1.5 million of trade receivables outstanding will be returned or some adjustment will be made to the sales price, Instructions Prepare the entry to show expected sales returns and allowances

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