Business
Business, 18.02.2021 19:50, stuckonquestions

In the current year, Borden Corporation had sales of $2,140,000 and cost of goods sold of $1,270,000. Borden expects returns in the following year to equal 6% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $20,000, and the unadjusted balance in Sales Refund Payable is a credit of $24,000. The adjusting entry or entries to record the expected sales returns is (are):

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In the current year, Borden Corporation had sales of $2,140,000 and cost of goods sold of $1,270,000...

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