Wilcox Inc sells New Year's Eve party favors. During the year, they had sales of $100,000....
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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? O Credit CGS 3,000 Credit Refund Liability 3,000 Credit Accts Rec 5,000 O Credit Sales Returns 5000 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? O Credit CGS 3,000 Credit Refund Liability 3,000 Credit Accts Rec 5,000 O Credit Sales Returns 5000
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