6 In its first year of business, Laker Corporation had sales of $2,200,000 and cost of goods sold of $1,300,000 Laker expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. The adjusting entry or entries to record the expected sales returns is (are) Multiple Choice Account Title Debit Credit Sales Returns and Allowances 132,000 Sales Refund Payable Inventory Returna Eatinated 132,000 78,000 Cost of goods sold 78,000 Account Title Dobit Credit Sales returns and allowances 132,000 Sales 132,000 Cost of Goods Bold 78,000 Inventory Returns Estimated 78,000 Account Title Debit Credit Sales Refund Payable 132,000 Accounts Receivable 132,000