Question

1. Sales made this year of 9,800 will be returned next year, and customers will be granted full refunds. 2. The estimated cost of the inventory sold this year and expected to be returned by customers next year is 7,900. Instructions: T-accounts Merchandise Inventory Balance 149,000V 9,800 Estimated Returns Inventory Balance 700 5,100 7,200 Balance 7,900 13,000 Customer Refunds Payable Balance 9,800X 750 9,050 Balance 9,800X 9,800 Check My Work: 1 more Check My Work uses remaining.

          1. Sales made this year of 9,800 will be returned next year, and customers will be granted full refunds.
2. The estimated cost of the inventory sold this year and expected to be returned by customers next year is 7,900.

Instructions:
T-accounts
Merchandise Inventory
Balance
149,000V
9,800
Estimated Returns Inventory
Balance
700
5,100
7,200
Balance
7,900
13,000
Customer Refunds Payable
Balance
9,800X
750
9,050
Balance
9,800X
9,800

Check My Work: 1 more Check My Work uses remaining.

1 sales made this year of 9800 will be returned next year and customers will be granted full refunds 2 the estimated cost of the inventory sold this year and expected to be returned by custo 60246

Added by Michael M.

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