Question: 1. Journalize and post the closing entries. 2. Prepare a post-closing trial balance. f. The adjustment for customer returns and allowances is $60,000 for sales

1. Journalize and post the closing entries. 2. Prepare a post-closing trial balance. f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. g. The company has decided to start using the allowance for doubtful accounts method and is estimating bad debt expense of .5\% of Sales

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