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Assuming the company uses the contract-based approach to revenue recognition, if returned merchandise is not damaged and can be sold again, the seller must
Assuming the company uses the contract-based approach to revenue recognition, if returned merchandise is not damaged and can be sold again, the seller must record two journal entries.What will the seller record to update inventory for the cost of the goods returned? Sales Returns and Allowances Accounts Receivable Accounts Receivable Sales Merchandise Inventory Estimated Inventory Returns
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