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Help Save & Exit Sub In its first year of business, Laker Corporation had...

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Accounting

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In its first year of business, Laker Corporation had sales of $2,120,000 and cost of goods sold of $1,260,000. Laker expects returns in the following year to equal 5% of sales and 5% of cost of goods sold. The adjusting entry or entries to record the expected sales returns is (are):
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\table[[Account Title,Debit,Credit],[Sales,2,120,000,],[Sales Refund Payable,,106,000],[Accounts Receivable,,2,014,000
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