On December 2, 2025, Business LLP sold 400 textbooks to Acco…
On December 2, 2025, Business LLP sold 400 textbooks to Accounting University. The textbooks sold for $100 each and cost Business LLP $60 to manufacture. Business LLP gives customers 60-days to return textbooks. Based on historical experience Business LLP estimates that 20% of textbooks will be returned. No textbooks were returned during December. What adjusting journal entry(ies) should Business LLP record on December 31, 2025?