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Accounting

Aamodt Music sold CDs to retailers and recorded sales revenue of $690,800. During 2014, retailers returned CDs to Aamodt and were granted credit of $52,100. Past experience indicates that the normal return rate is 15%.

Prepare Aamodt's entries to record (a) the $52,100 of returns and (b) estimated returns at December 31, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
(a)

(b)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9963800

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