Business, 05.07.2020 16:01 romanbattistelli23
Assume the following data for Casper Company before its year-end adjustments:
Unadjusted Balances
DebitCredit
Sales $1,750,000
Cost of Merchandise Sold$1,000,000
Estimated Returns Inventory600
Customer Refunds Payable 400
Estimated cost of merchandise that will be returned in the next year$8,000
Estimated percent of refunds for current year sales0.6%
a. Journalize the adjusting entry for the estimated customer allowances.
Sales
Customer Refunds Payable
Feedback
b. Journalize the adjusting entry for the estimated customer returns.
Estimated Returns Inventory
Cost of Merchandise Sold
Answers: 2
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Assume the following data for Casper Company before its year-end adjustments:
Unadjusted Balances
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