1.Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31. Statz provides customers a refund for any returned or damaged merchandise. At the end of the year, Statz estimates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned Assume that on February 3 of the following year, Buck Co. returned merchandise with a selling price of $5,000 for a cash refund. The returned merchandise originally cost Statz $3,100 A. Journaline the B. Journalize the entries to recond the returned merchandise and cash relund to Buck Caan February ne adusting entries on December 31 to .Journalize the adjusting entries on December 31 to record the expected customer returns. Refer to the Chart of Accounts for exact wording of account titles. 2. Omega Tire Co.'s indicate that $3,145,000 of merchandise should be on hand on August 31, 2018. The physical inventory indicates that $3,113,500 of merchandise is actually on hand records Journalize the adjusting entry for the inventory shrinkage for Omega Tire Co. for the year ended August 31. Refer to the Chart of Accounts for exact wording of account titles. 3. Jornalize entries for the following related transactions of Lilly Heating& Air Company. Refer to the Chart of Accounts for exact wording of account titles. B. Paid the amount owed on the invoice within the discount period. C. Discovered thaR $9,000 of the merchandse purchased (A) was delect ve und etrned bes, D. Purchased $5,000 of merchandise from Schell Co. on accounit, terms n/30 E. Recelved a relund from Schell Co. for retun in (C) less the purchase in (D) 4. Warwick's Co., a women's clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick's returned $9,000 of the merchandise receiving a credit memo