Adjustment for Customer Refunds and Returns Assume the following data for Alpine Technologies for the year ending July 31, 20Y2. Sales $1,138,000 Estimated percent of sales expected to be 2.0% refunded or issued an allowance in 20Y3 Estimated cost of inventory expected to be returned in 20Y3 $16,400 Illustrate the effects of the adjustments for customer refunds and returns on the accounts and financial statements of Alpine Technologies for the year ended July 31, 20Y2. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Assets Liabilities + Stockholders' Equity Estimated Returns Inventory = Customer Refunds Payable + Retained Earnings July 31 16,400 Statement of Cash Flows Income Statement No Effect Sales