Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of $2,000,000 and related cost of poods sold of $1,150,000 for its first year of operations ending December 31 , 20r1. Stitz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates that customers will request refunds for 1.7% of sales and estimates that merchandise costing $17,000 will be returned. Assume that on February 3,20 r2, Buck Co, returned merchandise with an inveice amount of $5,300 for a cash refund. The returned merchandise originally cost Statz Company $3,100. a. Joumalize the adjusting entries on December 31,20Y1, to record the expected customer returns, if an amount box does not require an entry, leave it blank, b. Joumalize the entries to record the returned merchandise and cash refund to Buck Co. on February 3, 2012. If an amount box does not require an entry, leave it blank. Journalize the entries to record the following selected transactions. a. Sold $808,000 of merchandise on account, subject to a sales tax of 6%. The cost of the goods soid was $476,720. If an amount box does not require an entry, leave it blank. b. Paid $44,490 to the state sales tax department for taxes collected. If an amount box does not require an entry, leave it blank