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Thumb up to who can help On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is
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On March 10, Sugimoto Household Goods sells 2,000 boxes of toothpaste to Wong DDS for $6,000. Sugimoto's cost is $1 per box. Payment terms are 1/5,n/30. Shipping terms are FOB Destination. On March 13, Wong returns 100 boxes of toothpaste because it does not have tamper proof packaging. Sugimoto cannot resell this toothpaste and must scrap it (throw it away). Prepare the journal entry for Wong to record the return. DR: CR: Prepare the journal entries for Sugimoto to record the return. DR: CR: DR: CR: Account name examples: Inventory Accounts Receivable Cost of Goods Sold Revenue Sales Returns and Allowances Accounts Payable Cost of Goods Sold Shipping Expense or Freight Expense Loss on Defective MerchandiseStep by Step Solution
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