Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 33

Smith Sons Inc.s a sporting goods manufacturer.he firm uses a periodic inventory system.mith Sons shipped $30,000 of defective goods to a retailer.he retailer and Smith Sons agreed that the retailer would keep the goods in exchange for a $3,000 allowance.he cost of the goods was $1,500.hat journal entry (or entries) would Smith Sons record