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Question #6: (2 marks) Assume that ABC estimates that approximately 1.5% of its $1.5 million of trade receivables outstanding will be returned or some adjustment

Question #6: (2 marks) Assume that ABC estimates that approximately 1.5% of its $1.5 million of trade receivables outstanding will be returned or some adjustment will be made to the sales price. The Company follows ASPE. Instructions Prepare the entry to show expected sales returns and allowances

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