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Elaine Company, a clothing store, sells clothing for a total selling price of $50,000 with a related cost of $35,000 . Customers have a right

Elaine Company, a clothing store, sells clothing for a total selling price of \$50,000 with a related cost of \$35,000 . Customers have a right of return within 30 days.

Elaine Company estimates that 10% of the sales will be returned by customers.

The journal entry to recognize the sales will include a credit to:

Multiple Choice

Unearned sales revenue.

Refund liability.

Sales returns and allowances.

Inventory recovery

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