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  3. in august, drawing designs sold $530,000 of mercha

In August, Drawing Designs sold $530,000 of merchandise; all sales were in cash. The cost...

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Question

Accounting

In August, Drawing Designs sold $530,000 of merchandise; all sales were in cash. The cost of sales for Au
$330,000. Based on past experience, Drawing uses an estimated return rate of 4% of sales. Record the jol
for the monthly sales, cost of sales, estimated returns, and cost of estimated returns for August. (Record de
then credits. Exclude explanations from any journal entries.)
Prepare the journal entry for the monthly sales. (Do not record the cost of sales, we will do that in the next
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