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Now assume that Michelle Sylvester returns the L.L. Bean boots on January 10, 2016 (she had received the boots in early January) for a full
Now assume that Michelle Sylvester returns the L.L. Bean boots on January 10, 2016 (she had received the boots in early January) for a full refund of $109. (L.L. Bean would make an adjusting entry to accrue for returns for all sales at each month end.)
- Journal entry 1: Record the return of the boots by Sylvester.
- Journal entry 2: Record the cost of the boots returned by Sylvester.
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