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Cullumber Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales return period extends 60 days. On

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Cullumber Choice sells natural supplements to customers with an unconditional sales return if they are not satisfied. The sales return period extends 60 days. On February 10,2024 , a customer purchases $2900 of products (cost $1450 ). Assuming that based on prior experience, estimated returns are 20%. The journal entry to record the expected sales return and cost of goods sold includes a debit to Cash and a credit to Sales Revenue of $2900. credit to Estimated Inventory Returns of $290. debit to Sales Returns and Allowances of $580 and a credit to Cost of Goods sold of $290. debit to Cost of Goods Sold and credit to Inventory for $1450. eTextbook and Media Attempts: 0 of 2 used

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