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Mcbeal&company had sales of $9250 for the month of dec.managment expects 8% of these sales to be returns or allowances. the cost of goods associated

Mcbeal&company had sales of $9250 for the month of dec.managment expects 8% of these sales to be returns or allowances. the cost of goods associated with return is $650. what would the adjusting entry be on dec 31

a-debit COGS $740

b-credit sales $740

c-debit estimates inventory returns $650

d-credit estimated refund liability $650

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