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Please help! Please help with the red circle part. Thank you! Exercise 18-16 (Part Level Submission) On March 10, 2017, Bridgeport Company sold to Barr
Please help! Please help with the red circle part. Thank you!
Exercise 18-16 (Part Level Submission) On March 10, 2017, Bridgeport Company sold to Barr Hardware 210 tool sets at a price of $54 each (cost $30 per set) with terms of n/60, f.o.b. shipping point. Bridgeport allows Barr to return any unused tool sets within 60 days of purchase. Bridgeport estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will he immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2017, Barr returned 6 tool sets and received a credit to its account. (a) Your answer is partially correct. Try again. Prepare journal entries for Dridgeport to record (1) the sale on March 10, 2017, (2) the return on March 25, 2017, and (3) any adjusting entries required on March 31, 2017 (when Bridgeport prepares financial statements). Bridgeport believes the original estimate of returns is correct. (Credit account titles are automatically indented wen the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.,)Step by Step Solution
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