Prepare entries to record estimated returns, Accounting Basics

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Prepare entries to record estimated returns

Response to the following problem:

Aamodt Music sold CDs to retailers and recorded sales revenue of $700,000. During 2014, retailers returned CDs to Aamodt and were granted credit of $78,000. Past experience indicates that the normal return rate is 15%.

Prepare Aamodt's entries to record (a) the $78,000 of returns and (b) estimated returns at December 31, 2014.

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Accounting Basics: Prepare entries to record estimated returns

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Accounting Basics: Prepare entries to record estimated returns

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