Question: Inamra Inc is a clothing manufacturer The firm uses a
Inamra Inc. is a clothing manufacturer. The firm uses a periodic inventory system. Inamra shipped $20,000 of defective goods to a retailer. The retailer and Inamra agreed that the retailer would keep the goods in exchange for a $2,000 allowance. The cost of the goods was $1,000. What journal entry (or entries) would Inamra record?
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