Business, 01.02.2021 20:50 allytrujillo20oy0dib

Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost of the goods sold is $400,000. Longmire estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods (with a cost of $7,200) are returned by Alderman. Assume Longmire uses a perpetual inventory system. Required:
Prepare the related journal entries for Longmire & Sons.

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Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. The cost...