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Please help me find the answer for the ones are wrong. thank you rch 10,2025 Cash Sales Rivenue 11.000 (To record cash sales) rch 10,2025
Please help me find the answer for the ones are wrong.
rch 10,2025 Cash Sales Rivenue 11.000 (To record cash sales) rch 10,2025 Cost of Goods Sold Inventory 11,000 (To record cost of goods sold) rch25,2025 Sales Returns and Allowances Cash 7,040 (To record sales returns) rch 25,2025 Returned Inventory 224 Cost of Goods Sold 350 (To record cost of goods returned) rch 31.2025 Sales Returns and Allowances 150 Refund Liability On March 10, 2025, Crane Company sold to Windsor Hardware 220 tool sets at a price of $50 each (cost $32 per set) with terms of n/60, fo.b. shipping point. Crane allows Windsor to return any unused tool sets within 60 days of purchase. Crane estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25.2025, Windsor returned 7 tool sets and received a credit to its account. Assume that instead of selling the tool sets on credit, that Crane sold them for cash. Prepare journal entries for Crane to record (1) the sale on March 10, 2025, (2) the return on March 25, 2025, and (3) any adjusting entries required on March 31, 2025 (when Crane prepares financial statements). Crane believes the original estimate of returns is correct. (Credit account titles are automaticolly indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Indicate the balance sheet reporting by Crane at March 31, 2025, of the information related to the Windsor sales thank you
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