What is the correct balance in refund liability

Reference no: EM132813522

Question

4M Inc. sells merchandise for $35,000 for the month of June. The company estimates returns to be equal to 4.9% of sales. Actual returns for the month for items sold in June totaled $500. What is the correct balance in Refund Liability on June 30 based on these transactions?

Reference no: EM132813522

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