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Prepare the journal entries to record the preceding sale

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Reference no: EM132094351

Question - Towbin Products sells merchandise on credit for $7,000 on December 1, 2016. Towbin estimates that returns and allowances will amount to 4% of sales. On December 22, 2016, a customer returns for credit merchandise originally sold on December 1 for $200.

Required: Prepare the journal entries to record the preceding sale and the return of merchandise.

Reference no: EM132094351

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