Under contract, ABC Corporation delivers 500 units to customer A for $200 each on 1 March ABC's

Question:

Under contract, ABC delivers 500 units to customer A for $200 each on 1 March ABC's documented policy is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $150. Based on historical experience, ABC estimates that 2% of the units will be returned. ABC expects that the returned products can be resold. On March 15th, the customer returned 8 units to ABC. No other returns were received during month.
Required:
Record all of ABC Inc' journal entries for the month.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...