Question
Wilcox Inc sells New Year's Eve party favors. During the year, they had sales of $100,000. Cost of the inventory sold was 60% of sales.
Wilcox Inc sells New Year's Eve party favors. During the year, they had sales of $100,000. Cost of the inventory sold was 60% of sales. Wilcox estimates returns at 5% for the year. Which of the following would be part of the journal entry for recording the returns estimate?
Credit CGS 3,000
Credit Refund Liability 3,000
Credit Accts Rec 5,000
Credit Sales Returns 5,000
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BMW Brand Audit
Authors: Marion Maguire
1st Edition
3638653137, 978-3638653138
