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On 4 June 201, a company sold $14,000 worth of goods, with a product cost of $9,000. The contract includes a return provision for 60

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On 4 June 201, a company sold $14,000 worth of goods, with a product cost of $9,000. The contract includes a return provision for 60 days. The company has no experience with returns with this customer type, and as a result, revenue is not recognized. At the end of the return period, the customer returns 5% of the goods. The goods can be re-sold to another customer: Required: Prepare the journal entries for inventory both on the date of sale and at the end of the return period. (If no entry is required for o tronsaction/event, select "No journol entry required" in the first account field) Journal entry worksheet Prepare the journal entry at the time of sale: Note: Enter debits before credits

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