sep10 - To record actual returns of $78,000 (assuming other...

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1 Friday, Sept 10, 2010 BE 18-3 BE 18-4 (Debit) Cash 70,000 (Credit) Payable or cash to ShipAway 65,800 (Credit) Commission Revenue 4,200 BE 18-5 To record total sales: (Debit) Cash 700,000 (Credit) Sales Revenue 700,000 (Debit) Cost of Goods Sold $unit cost (Credit) Inventory $unit cost To record expected returns: (Debit) Expected Sales Returns and Allowances (15%) $105,000 (Credit) Expected Sales Refund Liability $105,000
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Unformatted text preview: To record actual returns of $78,000 (assuming other returns may occur later): (Debit) Inventory $unit cost (Credit) Cost of Good Sold $unit cost 2 (Debit) Expected Sales Refund Liability $78,000 (Credit) Cash or Gift Card or Store Credit to customer $78,000 (Debit) Sales Revenue $78,000 (Credit) Expected Sales Returns and Allowances $78,000 3...
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This note was uploaded on 10/12/2010 for the course ACCT 3220 at Colorado.

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sep10 - To record actual returns of $78,000 (assuming other...

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