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Bob Co. sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 30 days. On March
Bob Co. sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales returns extends 30 days. On March 11, 2021, a customer purchases $4,000 of products (cost $2,000). Assuming that based on prior experience, estimated returns are 20%. Required: Prepare the journal entry to record the expected sales return and related cost of goods sold.
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