I need precise typed answers for every question
Date1 Juneplease give clear typed journal enties
Revenue recognition with right to return (marks) the way w 3.300 | Date: 1 June, record below journal entries 1 Record the sale of books and liability for refund. 2 Record the adjustments to inventory 3 Record the actual return of books 4 Record the adjustments to inventory. 5 Record the actual return of books. 6 Record the adjustment to inventory. 7 Record the adjustment to refund liability Record the adjustment to cost of the goods 9 Record the receipt against credit sales. Note - Journal entry has been entered Revenue recognition with right to return (6 marks) Jingle Bear Inc. (JBI) sells teddy bears to retailers. The teddy bears are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. On the day the goods are sold, JBI only recognizes revenue for the percentage that cannot be returned and sets up a refund liability for the rest. On 1 June, JBI sold $52,000 worth of teddy bears. On 15 August, $5,200 were returned, and on 3 October, an additional $10,400 were returned. The payment for the balance owing was received on 20 December. The cost of the teddy bears is 60% of the selling price. All of the returns are put back Into inventory and can be resold. Required: Prepare the appropriate journal entries that are required for the described transactions, (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) ..... 1 Record the sale of books and liability for refund. 2 Record the adjustments to inventory. 3 Record the actual return of books. 4 Record the adjustments to inventory. 5 Record the actual return of books. 6 Record the adjustment to inventory. 7 Record the adjustment to refund liability. 8 Record the adjustment to cost of the goods. Note : = journal entry has been entered 9 Record the receipt against credit sales. Note : journal entry has been entered Revenue recognition with right to return (6 marks) Jingle Bear Inc. (JBI) sells teddy bears to retailers. The teddy bears are sold on the basis that a maximum of 50% of the quantity purchased can be returned within six months. The contract with the customer outlines the amount of consideration and the return policy and that payment is due within 30 days of the end of the return period. On the day the goods are sold, JBI only recognizes revenue for the percentage that cannot be returned and sets up a refund liability for the rest. On 1 June, JBI sold $52,000 worth of teddy bears. On 15 August. $5,200 were returned, and on 3 October, an additional $10,400 were returned. The payment for the balance owing was received on 20 December. The cost of the teddy bears is 60% of the selling price. All of the returns are put back into inventory and can be resold. Required: Prepare the appropriate journal entries that are required for the described transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 1 Record the sale of books and liability for refund. 2 Record the adjustments to inventory. 3 Record the actual return of books. 4 Record the adjustments to inventory. 5 Record the actual return of books. 6 Record the adjustment to inventory. 7 Record the adjustment to refund liability. 8 Record the adjustment to cost of the goods. 9 Record the receipt against credit sales. Note : journal entry has been entered
