education wiley.com Chapter 7 Homework Question 2 of 10 View Policies ct-1744306-421-2-211 Current Attempt in Progress To promote the sale of some specialty goods, Larkspur Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no questions asked. For the current period, sales of these specialty goods totalled $37,400. Larkspur chooses to estimate any expected sales returns at the end of each reporting period, rather than recording the Refund Liability at the point of sale. At the end of the reporting period, Larkspur estimates that outstanding returns will be $2,910. Assuming Larkspur follows IFRS, prepare the required adjusting journal entry at the end of the reporting period. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts Account Titles and Explanation Debit Credit eTextbook and Media D 1248 A ING 122-09