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Question

om Cengage Learning-Google /takeAssignment/takeAssignment Main doin okera &takeAssignmentSessionLocators; assignment-take&inprogress-; eBook Show Me How Calculator Print nem Assume the following data for Lusk Inc. before its year-end adjustments: Unadjusted Balances DebitCredit $3,600,000 Sales Cost of Merchandise Sold Estimated Returns Inventory Customer Refunds Payable Estimated cost of merchandise that will be returned in the next year Estimated percent of refunds for current year sales $2,100,000 1,800 900 $15,000 0.8% a Joumalize the adjusting entry for the estimated customer allowances Sales o x Customer Refunds Payable 0.008 X Partially cormect b. Journalize the adjusting entry for the est mated customer returns. Estimated Returns Inventery Cost of Merchandise Sold Partially cornect All wrork saved

Explanation / Answer

Date Account Head & Description Debit Amount Credit Amount a. Sales (3600000*0.8%-900) 27900 Customer Refunds Payable 27900 (to record the estimated customer allowances) b. Estimated returns inventory (15000-1800) 13200 Cost of merchandise sold 13200 (to record estimated customer returns)

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