Botanic Choice sell natural supplements to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. On February 10, 2014, a customer purchases $3,000 of products (cost $1,500). Assuming that based on prior experience, estimated returns are 20%.

Instructions: (1) Provide the journal entry to record the sale and cost of goods sold;

(2) The journal entry to record the return of $200 (cost $100) of merchandise.

Please show the steps