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Exercise 18-17 (Part Level Submission) On March 10, 2017, Nash Company sold to Barr Hardware...

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Exercise 18-17 (Part Level Submission) On March 10, 2017, Nash Company sold to Barr Hardware 230 tool sets at a price of S54 each (cost S28 per set) with terms of n/60, f.o.b. shipping point. Nash allows Barr to return any unused tool sets within 60 days of purchase. Nash estimates that (1) 10 sets l be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2017, Barr returned 6 tool sets and received a credit to its account. Assume that instead of selling the tool sets on credit, that Nash sold them for cash. Prepare journal cntrics for Nash to record (1) the sale on March 10, 2017, (2) the return on March 25, 2017, and (3)any adjusting entries required on March 31, 2017 (when Nash prepares financial statements) Nash believes the original estimate of returns s orrect. Credit account titles are automatica ly indented when the amount rs entered Donot ident manuaIfn enti sre uneo se rc o entry" for the account titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (To record sales) (To record cost of goods sold) (To record sales retums) (To record cost of goods returned) (Adjusting entry for sales retums)

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