Both Incorporated manufactures and sells professional ski equipment Both offers a money-back guarantee for one year after the date of purchase Cash sales for the current year amounted to $620,000 Botti estimates that 5% of all sales are returned within the one-year period Cost of goods sold are 75% of sales The company uses a perpetual inventory system Record sales and estimated sales returns for the current year Let's begin by preparing the journal entry to record the sales for the current year. Do not record the journal entry related to the cost of goods sold We will do that in the next step (Record debits first, I credits Exclude explanations from any journal entries) Account Current Year