Business, 06.12.2019 21:31 blink182lovgabbie

During 2021, its first year of operations, ashbaugh industries recorded sales of $21,000,000 and experienced returns of $1,400,000. returns are accounted for as they occur, with additional estimated returns accrued at the end of the period. cost of goods sold totaled $12,600,000,000 (60% of sales). the company estimates that 8% of all sales will be returned. the year-end adjusting journal entry to account for anticipated sales returns would include a:
a) credit to sales returns of $280,000.
b) credit to refund liability of $280,000.
c) debit to sales returns of $1,680,000.
d) debit to cost of sales of $168,000.

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During 2021, its first year of operations, ashbaugh industries recorded sales of $21,000,000 and exp...

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