Make required adjusting journal entry at end of of reporting

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Reference no: EM132721656

Problem 1: To promote the sale of some specialty goods, Marin Ltd. began a generous return policy to its customers. Customers can return merchandise for up to three months following the date of the invoice, no questions asked. For the current period, sales of these specialty goods totalled $38,800. Marin chooses to estimate any expected sales returns at the end of each reporting period, rather than recording the Refund Liability at the point of sale. At the end of the reporting period, Marin estimates that outstanding returns will be $3,130. Assuming Marin follows IFRS, prepare the required adjusting journal entry at the end of the reporting period.

Reference no: EM132721656

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