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30 10 11 31 13 14 33 34 15 16 35 12 41 17 36 18 37 19 . 38 20 21 39 22 23 40 42 43 44 45 46 47 48 49 50 QUESTION 4 B. Lopez Company reports unadjusted first-year sales of $200,000 and cost of sales of $50,000. The company expects future returns and allowances equal to 5% of sales and 5% cost of sales. Prepare the year-end adjusting journal entry for future returns and allowances related to sales. Account Title Debit Credit Sales Returns and Allowances 10,000 Sales Refunds Payable 10,000 Account Title Debit Credit Sales Returns and Allowances 2,500 Sales Refunds Payable 2,500 Account Title Debit Credit Sales Refunds Payable 2,500 Sales Returns and Allowances 2,500 Account Title Debit Credi Sales Refunds Payable 10,000 Accounts Receivable 10,000 Account Title Debit Credit Merchandise Inventory 10,000 Sales Refunds Payable 10,000 QUESTION 5 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save A 10,000 QUESTION 5 B. Lopez Company reports unadjusted first-year sales of $200,000 and cost of sales of $50,000. The company expects future returns and allowances equal to 5% of sales and 5% cost of sales. Prepare the year-end adjusting journal entry for future returns and allowances related to cost of sales. Account Title Debit Credit Inventory Returns Estimated 2,500 Cost of Goods Sold 2,500 Account Title Debit Credit Accounts Receivable 2,500 Inventory Returns Estimated 2.500 Account Title Debit Credit Inventory Returns Estimated 10,000 Cost of Goods Sold 10,000 Account Title Debit Credit Cost of Goods Sold 5,000 Inventory Returns Estimated 5,000 Account Title Debit Credit Cost of Goods Sold 10,000 Inventory Returns Estimated 10,000 Chick Save and Submit to and submit. Click Scre All Ansuers to save all answers Save All Bi ve DELL

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