In August, Landeau Designs sold $500,000 of merchandise; all sales were in cash. The cost of sales

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In August, Landeau Designs sold $500,000 of merchandise; all sales were in cash. The cost of sales for August was $320,000. Based on past experience, Landeau uses an estimated refund rate of 4% of sales. Record the journal entries for the monthly sales, cost of sales, estimated refunds, and cost of estimated returns for August.
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Financial Accounting

ISBN: 978-0134127620

11th edition

Authors: Walter Harrison, Charles Horngren, William Thomas, Wendy Tietz

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