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Question - Phoenix plc sells 3500 products for £55 each. Sales are made for cash, rather than on credit terms. Phoenix allows a customer to return any unused product within 30 days and receive a full refund. The cost of each product is £10. Based on prior experience and managers' best prediction, Phoenix estimates that 55 products will be returned. Phoenix estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit.
Required - Provide the journal entries to record the sale (and cost of goods sold) and the subsequent return of the products, assuming that the returns occur in accordance with expectations.
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