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Journalize the adjusting entries on December

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Question - Scott Company had sales of $12,000,000 and related cost of goods sold of $7,100,000 for the year ending December 31, 20Y8. Scott provides customers a refund for any returned or damaged merchandise. Scott Company estimates that customers will request refunds for 0.6% of sales and estimates that merchandise costing $55,000 will be returned in 20Y9.

Required - Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM132634527

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