Business, 05.07.2020 14:01 luhmama

ProBuilder reports merchandise sales of $80,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 3% of sales, or $2,400, and 3% of cost of sales, or $600.Required:a. Prepare the June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to sales. b. Prepare the June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to cost of sales.

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ProBuilder reports merchandise sales of $80,000 and cost of merchandise sales of $20,000 in its firs...

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