Homework Help is Here – Start Your Trial Now!
Business
Accounting
ges. January 30, 2021 $ 5,825 (107,700) 110,252 For the Years En February 1, 2020 $ 4,620 (121,513) 122,718

ges. January 30, 2021 $ 5,825 (107,700) 110,252 For the Years En February 1, 2020 $ 4,620 (121,513) 122,718

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Please help me 

The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determinec average return percentages. (In thousands) Beginning balance Returns Provisions Ending balance January 30, 2021 $ 5,825 (107,700) 110,252 8,377 $ For the Years Ender February 1, 2020 $ 4,620 (121,513) 122,718 $ 5,825 Re-create the journal entry this company recorded related to 2021 to estimate future Sales Returns; make it clear what type of account is debited or credited and the amount.
Transcribed Image Text:The sales return reserve reflects an estimate of sales returns based on projected merchandise returns determinec average return percentages. (In thousands) Beginning balance Returns Provisions Ending balance January 30, 2021 $ 5,825 (107,700) 110,252 8,377 $ For the Years Ender February 1, 2020 $ 4,620 (121,513) 122,718 $ 5,825 Re-create the journal entry this company recorded related to 2021 to estimate future Sales Returns; make it clear what type of account is debited or credited and the amount.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for Estates and Trusts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS