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II- Exercises 1. Smith and Son's Department Store has a policy that allows customers to return merchandise for up to 45 days for a full refund. Based on prior experience, approximately 8% of merchandise sold will be returned. In November, the store's total sales were $2,500,000, all for cash. The cost of the merchandise sold was $1,600,000. On November 30, the company prepared the adjusting entries for sales returns. In December, within the allowable return period, customers returned merchandise that retailed for $100,000 and that cost $66,000 for a refund. Prepare the journal entries for these transactions. Omit explanations: |
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