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Question - YG Company recorded sales of $3,600,000 for the year ended December 31, 2020. During 2020, the company recorded actual returns and allowances of $45,000. As of December 31, 2020, YG estimates sales returns at 3% of current year sales. It is the company's policy to provide refunds on account. YG uses a perpetual inventory system and records estimated returns at the end of the period. The balance in Refund Liability is $32,400 and the balance in Inventory-Estimated Returns is $12,960 on January 1, 2020.
Required -
a. Prepare the journal entries to record sales in 2020 assuming all sales are on account. Cost of goods sold is 40% of the selling price.
b. Prepare the journal entries to record actual returns in 2020.
c. Prepare the adjusting entries, if any, related to estimated returns on December 31, 2020.
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