Kingsley Book Company sells $1,000 of books during the week; the books cost $650. Kingsley has a

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Kingsley Book Company sells $1,000 of books during the week; the books cost $650. Kingsley has a stated return policy of 15 days from the date of sale and follows IFRS. Describe how to account for this sale in a perpetual inventory system to ensure that revenue will be recorded in an amount that reflects what the seller actually expects to receive from the customer.

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Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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