Question: Please help me solve RE6-5/RE6-6 with solution explained in an Excel workbook. Thank you for your help. RE6-5 Longmire & Sons made sales on credit

Please help me solve RE6-5/RE6-6 with solution explained in an Excel workbook. Thank you for your help.

RE6-5 Longmire \& Sons made sales on credit to Alderman Sports totaling $500,000 on April 18 . The cost of the goods LO 6.4 sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22,59,000 worth of goods (with a cost of $7,200 ) are returned by Alderman: Longmire uses a periodic inventory system. Prepare the related journal entries for Longmire \& Sons. RE6-6 Refer to RE6-5. Assume Longmire uses a perpetual inventory system. Prepare the related journal entries for 106.4 Longmire \& Sons

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