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ProBuilder reports merchandise sales of $98,000 and cost of merchandise sales of $39,200 in its first year of operations ending June 30. It makes
ProBuilder reports merchandise sales of $98,000 and cost of merchandise sales of $39,200 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 5% of sales, or $4,900, and 5% of cost of sales, or $1,960. a. & b. Prepare the June 30 fiscal-year-end adjusting journal entry for future returns and allowances related to sales and cost of sales. View transaction list Journal entry worksheet < 1 2 Record the expected sales to be refunded. Note: Enter debits before credits. Date June 30 General Journal Debit Credit Record entry Clear entry View general journal >
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