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Best Buy sold 20 refrigerators at $2,100 each. The cost of the refrigerators to Best Buy was $900. The terms of the sale include a right to return for full refund within 30 days of purchase. Best Buy expects that 2 of the refrigerators will be returned. Best Buy follows IFRS 15.
Required:
Problem 1: Record the journal entries related to the above transactions. Assume 1 refrigerator was returned within the 30 days.
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