Keri Co . had sales for the year totaling $ 6 0 , 0 0 0 .

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Keri Co

.

had sales for the year totaling $

60, 000 .

Based on experience, management estimates

4 %

of sales will be refunded to customers. Management also estimates $

1, 000

of inventory will be returned. What is the adjusting journal entry to be recorded for the refund liability?

Related Book For answer-question

Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

Posted Date: May 09, 2024 01:11 PM

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Keri Co . had sales for the year totaling $ 6 0 , 0 0 0 .

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Expert Answer:

To record the adjusting journal entry for the refun... View the full answer

Financial Accounting

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