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Beethoven Music Company started business in March, 2009. Sales for its first year were
$400,000. Beethoven priced its merchandise to yield a 45% 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 $30,000 in sales. Beethoven uses a perpetual inventory system.
Required:
Prepare summary journal entries to record (1) sales, (2) sales returns, and (3) the year-end
adjusting entry for estimated sales returns.
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