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On August 5, Sunland Ltd. sells goods for $1470 and the cost to Sunland was $740. Sunland expects a return rate of 4% On August
On August 5, Sunland Ltd. sells goods for $1470 and the cost to Sunland was $740. Sunland expects a return rate of 4% On August 12. goods with a selling price of $410 and a cost of $235 are returned for credit and restored to inventory. The journal entry to record the return will include a Odebit to Accounts Receivable for $410. O credit to Estimated Inventory Returns for $235. O credit to Refund Liability for $410. O credit to Inventory for $235
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