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 .

During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of the merchandise sold is $217,200. What is the amount of the gross profit?

Flimflam Corp had sales to customers of $475,000 during 2015. The company has consistently experienced a 35% gross profit percentage and estimates that 5% of all sales will be returned. During 2015, customers returned merchandise for credit of $18,000 to their accounts. The balance in the allowance for sales returns account at the beginning of 2015 was $24,000. What is the balance in the allowance for sales returns account at the end of 2015?

In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for August was $400,000. Based on past experience, Joplin uses an estimatedreturn rate of 3% of sales. Record the journal entries for the monthly sales, cost of sales,estimated returns, and cost of estimated returns for August.