Homework Answers
A) Refund owed to customer
= Sale price 44,400 - discount (1%*44,400)
= 43,956
B)
| No | ACCOUNT | Debit | Credit |
| A | Customer refund payment | 43,956 | |
| Cash | 43,956 | ||
| B | Merchandise inventory | 26,640 | |
| Estimated returns - inventory | 26,640 | ||
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