Albane sells 1,000 lamps for cash at 50 each, i.e. 50,000, with a 30-day right of return for a refund. Based on its experience, it expects to refund 3,000, an estimate judged consistent with the constraint (case data). Record the sale entry, excluding the derecognition of inventory and the cost of sales, which are recorded in a separate entry not requested here.
- Amount received
- 50,000
- Expected refunds
- 3,000