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For the year ended December 31, 2019, Davidson Mart had sales of $450,000 and cost of goods sold of $337,500. Davidson estimates that approximately 2%
For the year ended December 31, 2019, Davidson Mart had sales of $450,000 and cost of goods sold of $337,500. Davidson estimates that approximately 2% of the merchandise sold will be returned. The adjusting journal entry on December 31, 2019, would include a _______.
A. C. credit to Estimated Returns Inventory for $6,750 B. D. debit to Sales Revenue for $2,250 C. B. credit to Refunds Payable for $9,000 D. A. debit to Cost of Goods Sold for $ 6750
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