Adjusting entries Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. Sales returns of $184,370 and merchandise returns of $60,390 are estimated for the current year's sales. Dec. 31 Sales Customer Refunds Payable Estimated Returns Inventory Cost of Goods Sold Feedback b. The inventory account has a balance of $1,331,900, while physical inventory indicates that $1,301,800 of merchandise is on hand. Assume any shrinkage is a normal amount Dec. 31 Cost of Goods Sold Inventory Feedback Feedback