2 of 3 < > View Policies Show Attempt History Current Attempt in Progress 6/12 On March 10, 2020, Blue Company sold to Barr Hardware 200 tool sets at a price of $48 each (cost $33 per set) with terms of n/60. f.o.b. shipping point. Blue allows Barr to return any unused tool sets within 60 days of purchase. Blue estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2020, Barr returned 6 tool sets and received a credit to its account. (a) Your answer is correct. Prepare journal entries for Blue to record (1) the sale on March 10, 2020, (2) the return on March 25, 2020, and (3) any adjusting entries required on March 31, 2020 (when Blue prepares financial statements). Blue believes the original estimate of returns is correct. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation (1) Accounts Receivable Debit Credit 9600 Sales Revenue (To record sales) 9600 Ch 18 Pt. 2E 13,16,28 Question 2 of 3 c Net Sales Cost of Goods Sold Gross or Balance Sheet (partial) For the Year Ended March 21,2020 eTextbook and Media List of Accounts Last saved 1 second Sad work will be ado-minted on the due date Au dan talep to 30 m tab esc caps lock shift MAY AN 2 9120 6/12 1 Attempts: 0 of 3 used MacBook Pro " $ % 3 4 5 10 6 & . 7 Q W E R T Y A S Z X D L H C LL F G H > 8 B N Ch 18 Pt. 2 E 13,16,28 Question 2 of 3 > List of Accounts 6/12 Attempts: 2 of 3 used (b) Indicate the income statement and balance sheet reporting by Blue at March 31, 2020 of the information related to the Barr sales transaction Co Income Statement (partial) March 31.2020 Sales and Ac tab esc MAY Balance Sheet (partial) For the M2020 1 2 3 = M O 9600 410 120 % 5 54 MacBook Pro +0000000 A & 6 7 B Q W E R T Y caps lock A shift < control N S D F X H C G H > B 2 I N