ProBuilder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first...
ProBuilder reports merchandise sales of $70,000 and cost of
merchandise sales of $14,000 in its first year of operations ending
June 30. It makes fiscal-year-end adjusting entries for estimated
future returns and allowances equal to 3% of sales, or $2,100, and
3% of cost of sales, or $420.
a. & b. Prepare the June 30 fiscal-year-end
adjusting journal entry for future returns and allowances related
to sales and cost of sales.
Homework Answers
| Date | General Journal | Debit | Credit | |
| 1 | June 30 | Sales returns and allowances | 2100 | |
| Sales refund payable | 2100 | |||
| 2 | June 30 | Inventory returns estimated | 420 | |
| Cost of goods sold | 420 |
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