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Prepare the entry to record returns of merchandise sold

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Reference no: EM132903373

Question - At the end of 2020, Boot Corporation recorded estimated future returns in the amount of $41,000. In 2021, the company received returns of merchandise with total sales value of $98,000, of which $39,000 were related to 2020 sales. The company estimates the cost of merchandise at 52% of sales.

Required -

a. Prepare the entry to record returns of merchandise sold PRIOR TO 2021.

b. Prepare the entry to record returns of merchandise sold DURING 2021.

Reference no: EM132903373

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