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Sprunt Company had sales of $2,000,000 and related cost of goods sold of $950,000 for the year. Sprunt estimates that customers will request refunds
Sprunt Company had sales of $2,000,000 and related cost of goods sold of $950,000 for the year. Sprunt estimates that customers will request refunds and allowances for 1.5% of sales and estimates that merchandise costing $15,000 will be returned. Journalize the adjusting entries on December 31 for the expected customer returns.
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