Sarbanes-Oxley (SOX) Act 2002 was formulated by the Country U congress with the main objective to safeguard the interests of the investors from the falsified and fraudulent activities that takes place within a corporation. To identify: Whether private companies are required to follow the rules stated in the Sarbanes-Oxley Act of 2002.

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Chapter 2, Problem 43RSCQ

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Introduction:Sarbanes-Oxley (SOX) Act 2002 was formulated by the Country U congress with the main objective to safeguard the interests of the investors from the falsified and fraudulent activities that takes place within a corporation.

To identify: Whether private companies are required to follow the rules stated in the Sarbanes-Oxley Act of 2002.

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L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?