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Prepare the adjusting journal entries for sales returns

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Reference no: EM133189097

Question - Carter's Coats had sales of $500,000 in 2022. The Cost of goods sold for 2022 was $250,000. Carter estimates 10% of the sales will be returned. Prepare the adjusting journal entries for sales returns payable.

Extra Credit: Wren Wright returned a coat on January 7th. The coat was sold for $5,000, cash and had a cost of $2,500. Prepare the journal entries for the return.

Reference no: EM133189097

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