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What are journal entries for sale and related cost of goods

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Problem 1: On June 1, 2020, Crane sold 90 washer/dryer units without installation to Laplante Rentals for $72,000 (on credit). Laplante is a newer customer and is unsure of how this product will work in its older rental units. Crane offers a 60-day return privilege and estimates, based on prior experience with sales of this product, that 5% of the units will be returned. What are the journal entries for the sale and related cost of goods sold on June 1, 2020?

Reference no: EM132786984

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