In August​, Designs sold 520000 of​ merchandise; all sales were in cash. The cost of sales for august was 380000. Based on past​ experience, uses an estimated return rate of ​2% of sales. Record the journal entries for the monthly​ sales, cost of​ sales, estimated​ returns, and cost of estimated returns for .

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter7: Budgeting
Section: Chapter Questions
Problem 9PB: Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May,...
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In August​, Designs sold 520000 of​ merchandise; all sales were in cash. The cost of sales for august was 380000. Based on past​ experience, uses an estimated return rate of ​2% of sales. Record the journal entries for the monthly​ sales, cost of​ sales, estimated​ returns, and cost of estimated returns for .

 
 
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