Question: Create a General Journal entry in accordance with GAPP and using the periodic inventory system and the net method, Dec 4: Accepted a sales return

Create a General Journal entry in accordance with GAPP and using the periodic inventory system and the net method, Dec 4: Accepted a sales return from Malik (Customer #110-46) for an item having an original gross sales price of $2,000. The original sale to Malik occurred on Nov. 24 with terms 2/15, n/30. Reminder: Talley estimates sales returns at the end of each month.

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