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Make the adjusting entries to record expected sales returns

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Question - In its first year of business, Laker Corporation had sales of $2,150,000 and cost of goods sold of $1,275,000. Laker expects returns in the following year to equal 5% of sales and 5% of cost of goods sold. Make the adjusting entry or entries to record the expected sales returns?

Reference no: EM133109893

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