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Business, 02.11.2019 04:31 treviam963

Beethoven music company started business in march 2016. sales for its first year were $420,000. beethoven priced its merchandise to yield a 35% gross profit based on sales dollars. industry statistics suggest that 10% of the merchandise sold to customers will be returned. beethoven estimated its sales returns based on the industry average. during the year, customers returned $31,000 in sales. beethoven uses a perpetual inventory system. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) required: prepare the journal entry to record the sale.

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