Assume the following data for Oshkosh Company before its year-end adjustments: Journalize the adjusting entries for the
Question:
Journalize the adjusting entries for the following:
a. Estimated customer refunds and allowances
b. Estimated customer returns?
Transcribed Image Text:
Unadjusted Balances Debit Credit Sales Cost of Merchandise Sold Estimated Returns Inventory Customer Refunds Payable $51,600000 $31,750,000 28,100 115,400 Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2%
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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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