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Lockern Co. estimates sales returns will be 2 1/2% of sales. Total sales on account for the year are $1,550,000. Required: a. Prepare the journal

Lockern Co. estimates sales returns will be 2 1/2% of sales. Total sales on account for the year are $1,550,000. Required: a. Prepare the journal entry to record the sale on account including the estimated return liability. b. Prepare the journal entry to record the return of $1,000 of goods on account

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