(Solution) - In August Landeau Designs sold 500 000 of merchandise all sales -(2025 Original AI-Free Solution)

Paper Details

In August, Landeau Designs sold $500,000 of merchandise; all sales were in cash. The cost of sales for August was $320,000. Based on past experience, Landeau uses an estimated refund rate of 4% of sales. Record the journal entries for the monthly sales, cost of sales, estimated refunds, and cost of estimated returns for August.