On December 31, Diane Photography Supplies estimated that $7,000 merchandise sold will be returned with a cost of $3,500. Journalize the adjusting entries needed to account for the estimated returns. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Select the explanation on the lastline of the journal entry table.)(1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step.DateAccounts and ExplanationDebitCreditDec. 31(2) Prepare the entry for the estimated return of merchandise,DateAccounts and ExplanationDebitCreditDec. 31

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Description: On December 31, Diane Photography Supplies estimated that $7,000 merchandise sold will be returned with a cost of $3,500. Journalize the adjusting entries needed to account for the estimated returns. (Assume the company uses a perpetual inventory sy

Adjusting journal entry is made at the end of the accounting period to account for the transactions…

Business

Accounting

On December 31, Diane Photography Supplies estimated that $7,000 merchandise sold will be returned with a cost of $3,500. Journalize the adjusting entries needed to ao line of the journal entry table.)

On December 31, Diane Photography Supplies estimated that $7,000 merchandise sold will be returned with a cost of $3,500. Journalize the adjusting entries needed to ao line of the journal entry table.)

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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