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Sale with Right of Return Berger Company had sales in 2019 of $200,000. The goods...

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Accounting

Sale with Right of Return

Berger Company had sales in 2019 of $200,000. The goods sold cost Berger $125,000. The goods were sold with the right of return. By the end of 2019, goods having a total selling price of $10,000 had been returned. As of December 31, 2019, Berger expected returns of another $2,000 (based on selling price) of goods sold in 2019.

All Bergers goods sell for the same percentage gross profit.

Required:

Prepare the journal entries Berger uses to record its 2019 activity.

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