Smith Company returned $20,000 of inventory to us that was sold on account.Journalize the entries to record the return assuming Cost of Goods Sold is 40% of Sales and all returned inventory is returned to inventory.

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The Answer of Smith Company returned $20,000 of inventory to us that was sold on account.Journalize the entries to record the return assuming Cost of Goods Sold is 40% of Sales and all returned inventory is returned to inventory.

Smith Company Returned $20,000 of Inventory to Us That Was