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Hahn Flooring Company uses a perpetual inventory system Journalize the December 31 adjusting entries based upon the following A Sales returns of $125000 and merchandise returns of $80000 are

Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: A. Sales returns of $125,000 and merchandise returns of $80,000 are estimated for the current year s sales. B. The inventory account has a balance of $1,333,150, while physical inventory indicates that $1,309,900 of merchandise is on hand. Assume any shrinkage is a normal amount.

May 14 2020 View more View Less

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