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Recording 5 ales with Expected feetures Reqtited Frepare the following enthere, whouting the sales and copt of gosds sold entry for each requirement: 3. Prepare

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Recording 5 ales with Expected feetures Reqtited Frepare the following enthere, whouting the sales and copt of gosds sold entry for each requirement: 3. Prepare the current year fales youmat entriet. b. Becord nctusi retarns in the curtent year, histume actual returns are on efedit. E Fecced estritated teaurns on pecembet 11 of the cutteri yeaf,. d. Pecond actual teturm ni jatuaty of the bext yeat. Assume actual retums are ch oredit. 4. Record adosingentries at yeat end which expires on February 1 of the next year. Novelty estimates total returns to be 30% of sales, Required Prepare the following entries, including the sales and cost of goods sold entry for each requireme a. Prepare the current year sales journal entries. b. Record actual returns in the current year. Assume actual returns are on credit. c. Record estimated returns on December 31 of the current year. d. Record actual returns in January of the next year. Assume actual returns are on credit. e. Record adjusting entries at year end

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