Adjusting entries for refunds, allowances, and returns Assume the following data for Oshkosh Company before its year-end adjustments: Unadjusted Balances Debit Credit Sales $51,600,000 Cost of Merchandise Sold $31,750,000 Estimated Retums Inventory 28,100 Customer Refunds Payable 115,400 Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2% a. Journalize the adjusting entry for the estimated customer refunds and allowances. b. Journalize the adjusting entry for the estimated customer returns