Question: Short Exercise 5-5 Estimating Sales Returns On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue fo

Short Exercise 5-5 Estimating Sales Returns

On December 31, Jack Photography Supplies estimated that approximately 2% of merchandise sold will be returned. Sales Revenue fo rth year was $80,000 with a cost of $48,000. Journalize the adjusting entries needed to account for the estimated returns.

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