Coyote Company grants credit customer Sydney Marie a sales allowance of $45 for defective goods. What is the journal entry that Coyote Company will use to record this?
A) Debit Sales Allowance $45 and credit Cash $45.
B) Debit Inventory $45 and credit Estimated Inventory Returns $45.
C) Debit Estimated Inventory Returns $45 and credit Accounts Receivable — Sydney $45.
D) Debit Estimated Refund Liability $45 and credit Accounts Receivable — Sydney $45.
D) Debit Estimated Refund Liability $45 and credit Accounts Receivable — Sydney $45.
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