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Greetings, what entries would i make for the following transaction;
Company X has a year end date of 31/12/2022. Sales worth $80,000 are made in November 2022 to customer Y. Following a defect in these products, Company Y returns the goods worth $80,000 on 2/02/2023 to company X. These goods cannot be sold neither improvements made to them hence must be written off. What accounting treatment should be done for the above?
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