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Instructions Longmire & Sons made sales on credit to Alderman Sports totaling $600,000 on April 18. The cost of the goods sold is $500,000.
Instructions Longmire & Sons made sales on credit to Alderman Sports totaling $600,000 on April 18. The cost of the goods sold is $500,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $6,000 worth of goods (with a cost of $4,800) are returned by Alderman. Longmire uses a periodic inventory systems. Required: Prepare the related journal entries for Longmire & Sons.
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
