At December $31,2025,$ Concord Corporation estimates that goods with a selling price of $$1,050$ and a cost of $$460$ that were sold on

account during the current period will be returned during the next accounting period. Record the entries required to adjust for this

information. $($If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically

indented when amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

Dec.

$31$

$($To record expected sales return$)$

Dec.

$31$

$($To record the expected return and related reduction in Cost of

Goods Sold$)$