Bramble Company sold goods for $55000 on account to Crane Inc. on November 20 . Cost of goods sold is 30% of sales. Crane has 60 days to return the goods for any reason. Based on past experience, Bramble expects Crane to return 30% of the goods which it expects to be able to resell the returned goods at a profit. On December 1, Crane returns $8000 worth of goods. If Bramble has a December 31 year-end, the adjusting journal entry for this sale is not needed. will include a debit to Sales Returns and Allowance for $8500 and a credit to Refund Liability for $8500. a debit to Returned Inventory for $5950, and Refund Liability for $5950. will include a debit to Sales Returns and Allowance for $8500 and a credit to Returned Inventory for $8500. eTextbook and Media Szve for Lster