Assume the following data for Oshkosh Company before its year-end adjustments: Unadjusted Balances Debit Credit Sales $51,600000 Cost of Merchandise Sold $31,750,000 Estimated Returns Inventory 28,100 Customer Refunds Payable 115,400 Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2% Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returns
Assume the following data for Oshkosh Company before its year-end adjustments: Unadjusted Balances Debit Credit Sales $51,600000 Cost of Merchandise Sold $31,750,000 Estimated Returns Inventory 28,100 Customer Refunds Payable 115,400 Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2% Journalize the adjusting entries for the following: a. Estimated customer refunds and allowances b. Estimated customer returns
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume the following data for Oshkosh Company before its year-end adjustments:
Unadjusted Balances
Debit Credit
Sales $51,600000
Cost of Merchandise Sold $31,750,000
Estimated Returns Inventory 28,100
Customer Refunds Payable 115,400
Estimated cost of merchandise that
will be returned in the next year $400,000
Estimated percent of refunds for
current year sales 1.2%
Journalize the
a. Estimated customer refunds and allowances
b. Estimated customer returns
Transcribed Image Text:EX 6-20 Adjusting entries for refunds, allowances, and returns
Assume the following data for Oshkosh Company before its year-end adjustments:
OBJ. 3
Unadjusted Balances
Debit
Credit
Sales
$51,600000
Cost of Merchandise Sold
$31,750,000
Estimated Returns Inventory
28,100
Customer Refunds Payable
115,400
Estimated cost of merchandise that
will be returned in the next year
$400,000
Estimated percent of refunds for
current year sales
1.2%
Journalize the adjusting entries for the following:
a. Estimated customer refunds and allowances
b. Estimated customer returns
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