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On December 31, Drake Photography Supplies estimated that $10,000 merchandise sold will be retumed with a cost of $5,000. Journalize the adjusting entries needed to

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On December 31, Drake Photography Supplies estimated that $10,000 merchandise sold will be retumed with a cost of $5,000. Journalize the adjusting entries needed to account for the estimated returns. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

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