(b) The company estimated sales returns will be $105 with a cost of $53. Begin by preparing the entry to journalize the sales portion of the adjustment.

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(b) The company estimated sales returns will be $105 with a cost of $53 Begin by preparing the entry to joumalize the sales portion of the adjustment. Do not record the expense adjustment related to the information We will do that in the following step Now journalize the expense adjustment related to the estimated sales returns Accounts Payable Accounts Receivable Accumulated Depreciation-Building Accumulated Depreciation-Canoes Building Canoe Rental Revenue Canoes Cash Cost of Goods Sold Depreciation Expense -Building Depreciation Expense-Canoes Estimated Returns Inventory Income Summary Interest Expense Interest Payable Land Merchandise Inventory Notes Payable Office Supplies Prepaid Rent Refunds Payable Rent Expense Sales Revenue Supplies Expense Telephone Expense Telephone Payable Unearned Revenue Utilities Expense Utilities Payable Wages Expense