Jones Company historical expenses show that 2% of the items it sells are returned.If sales revenue is expected to be $100,000 for the current year and Cost of Goods Sold is 40% of sales,what are the journal entries to record the estimated expected future returns.

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The Answer of Jones Company historical expenses show that 2% of the items it sells are returned.If sales revenue is expected to be $100,000 for the current year and Cost of Goods Sold is 40% of sales,what are the journal entries to record the estimated expected future returns.

Jones Company Historical Expenses Show That 2% of the Items