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Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons.

Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons.
Transcribed Image Text:Longmire & Sons made sales on credit to Alderman Sports totaling $900,000 on April 18. The cost of the goods sold is $800,000. Longmire estimates 2% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Longmire uses a periodic inventory system. Required: Prepare the related journal entries for Longmire & Sons.
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