Brightray Inc. reported total sales of $600,000 for the year 2022. The company has a history of 4% of all sales being returned by customers. During the year, customers returned goods worth $19,000. The allowance for sales returns account had a beginning balance of $20,000. What is the balance in the allowance for sales returns account at the end of 2022?

Brightray Inc. reported total sales of $600,000 for the year 2022. The company has a history of 4% of all sales being returned by customers. During the year, customers returned goods worth $19,000. The allowance for sales returns account had a beginning balance of $20,000. What is the balance in the allowance for sales returns account at the end of 2022?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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