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On 12/20/2018 a company sold goods for $2 mil. on credit. The company estimates that 10% of the goods will be returned by the customers.
On 12/20/2018 a company sold goods for $2 mil. on credit. The company estimates that 10% of the goods will be returned by the customers. On 12/31/18, end of the year, no returns have happened yet. On 12/31/18 the company will... credit a contra-receivable account for $2 mil. Odebit a contra-revenue account for $200,000 Odebit an income statement account for $2 mil. Odebit cost of goods sold for $200,000 Odebit a balance sheet account for $200,000. Odebit an income statement account for $2 mil
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