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Can you help me with this? 3. Sales with the Rigl_1t of Return On May 10, 2017, Rizzo Company sold to Bryant Construction 300 tool

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3. Sales with the Rigl_1t of Return On May 10, 2017, Rizzo Company sold to Bryant Construction 300 tool sets at a price of $60 each (cost $40 per set) with terms of n/30, f.o.b. shipping point. Rizzo allows Bryant to return any unused tool sets within 30 days of purchase. Rizzo estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a prot. On May 25, 2017, Bryant returned six tool sets and received a credit to its account. a) Prepare journal entries for Rizzo to record (1) the sale on May 10, 2017, (2) the return on May 25, 2017, and (3) any adjusting entries required on May 31, 2017 (when Rizzo prepares nancial statements). Rizzo believes the original estimate of returns is correct. b) Indicate the income statement and balance sheet reporting by Rizzo at May 31, 2017, of the information related to the Bryant sales transaction

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