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Under the perpetual inventory system, the adjusting journal entries to record estimated sales returns (the original sales were on account) would be: DED XX O
Under the perpetual inventory system, the adjusting journal entries to record estimated sales returns (the original sales were on account) would be: DED XX O A. Sales Revenue Merchandise Inventory XX XX Estimated Returns Inventory Refunds Payable O B. Sales Revenue Refunds Payable XX XX XX Estimated Returns Inventory Cost of Goods Sold XX WE c. Accounts Receivable Sales Revenue XX XX XX Sales Revenue Cost of Goods Sold XX XX O D. Sales Returns and Allowances Cost of Goods Sold XX XX Merchandise Inventory Accounts Receivable XX
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