Question
Sales Returns and Allowances Adjustment At the end of year 1, JCs estimates that $2,000 of the current years sales will be returned in year
Sales Returns and Allowances Adjustment
At the end of year 1, JCs estimates that $2,000 of the current years sales will be returned in year 2.
Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this $2,000.
| DATE | ACCOUNT TITLE | DOC. NO. | POST. REF. | DEBIT | CREDIT | ||
|---|---|---|---|---|---|---|---|
| 1 | 1 | ||||||
| 2 | 2 |
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Managerial Accounting
Authors: Hartgraves And Morse
6th Edition
1934319805, 978-1934319802
