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Lockern Co. records estimated future sales returns and allowances. Total sales amount to $1,550,000, and, in the past, sales returns and allowances have been 2 1/2% of sales.
Required:
Prepare journal entries to:
a. Record the estimated sales returns and allowances.
b. Record the return of $1,000 of defective furniture.
Ectoderm
The outermost layer of cells or tissue of an embryo in early development, giving rise to the outer layer of skin, brain, and nervous system.
Embryonic Development
The process by which the embryo is formed and develops, beginning with fertilization and ending at birth or hatching.
Organogenesis
The process of organ formation.
Blastula
An early stage of embryonic development in animals, characterized by a spherical layer of cells (the blastoderm) surrounding a fluid-filled cavity (the blastocoel).
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