On December 31, the company estimates future sales refunds to be $900. As of that date, the company has an unadjusted debit balance in Accounts Receivable of $25,000 and an unadjusted credit balance of $300 in Sales Refunds Payable. Requried:
Write down the necessary adjusting entry.

Date      Account titles and Explanation       Debit    Credit

Dec 31   Sales return and allowance               $600

                     Sales refund payable                                $600

                     ($900 - $300)

              (To record the expected refund of sales)

answer; to open a new transaction, the user should type the code/0 along with a new transaction code, when done with that the user should press enter to open the transaction; good luck;

answer(b) partnership';