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False Value Hardware began 2009 with a credit balance of $32,000 in the allowance for sales return account. Sales and cash collections from customers during the year were $650,000 and $610,000 respectively. False value estimates that 6% of all sales will be returned. During 2009, customers returned merchandise for credit of $28,000 to their accounts. What is the balance in the allowance for sales returns account at the end of 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M992088

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