Assume the following data for Lusk Inc. before its year-end adjustments: Journalize the adjusting entries for the
Question:
Journalize the adjusting entries for the following:
a. Estimated customer allowances
b. Estimated customer returns?
Transcribed Image Text:
Unadjusted Balances Debit Credit Sales Cost of Merchandise Sold Estimated Returns Inventory Customer Refunds Payable $3,600,000 $2,100,000 1,800 900 Estimated cost of merchandise that will be returned in the next year $15,000 Estimated percent of refunds for current year sales 0.8%
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Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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