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Business, 05.07.2020 16:01 romanbattistelli23

Assume the following data for Casper Company before its year-end adjustments: Unadjusted Balances
DebitCredit
Sales $1,750,000
Cost of Merchandise Sold$1,000,000
Estimated Returns Inventory600
Customer Refunds Payable 400
Estimated cost of merchandise that will be returned in the next year$8,000
Estimated percent of refunds for current year sales0.6%
a. Journalize the adjusting entry for the estimated customer allowances.

Sales
Customer Refunds Payable
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b. Journalize the adjusting entry for the estimated customer returns.

Estimated Returns Inventory
Cost of Merchandise Sold

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Assume the following data for Casper Company before its year-end adjustments: Unadjusted Balances
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