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Current Attempt in Progress On March 10, 2020, Culver Company sold to Barr Hardware 220 tool sets at a price of $ 53 each (cost $ 32 per set) with terms of 1/60, to.b. shipping point. Culver allows Barr to return any unused tool sets within 60 days of purchase. Culver 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 5 tool sets and received a credit to its account. Assume that instead of selling the tool sets on credit, that Culver sold them for cash. (a) N Prepare journal entries for Culver 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 Culver prepares financial statements). Culver believes the original estimate of returns is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) No. Account Titles and Explanation Debit Credit (1) Cash Sales Revenue (To record cash sales) (To record cost of goods sold) (2) (To record sales returns) Indicate the income statement and balance sheet reporting by Culver at March 31, 2020, of the information related to the Barr sales. (List Assets in order of liquidity) Income Statement (partial) he & Balance Sheet (partial) e Textbook and Media