Chico Company aliows its customers to return merchandise within 30 days of purchase. - At December 31, the end of its first year of operations, Chico ostimates future-period merchandise returns of $70;000 (cost of $27,500 ) related to its current-year sales. - A few days later, on January 3 , a customer returns merchandise with a selling price of $2.500 for a cash refund; the returned merchandise cost $850 and is returned to inventory as it is not dective. a. Prepare the December 31 year-end adjusting joutnal entry for estimated future sales returns and allowances (revenue side). b. Prepare the December 31 year-end adjusting journat entry for estimated future inventory returns and allowances (cost side). c. Prepare the january 3 joumal entries to record the merchandise returned Journal entry worksheet Record the adjusting entry for estimated future sales returns and allowances (revenue side). Wote: Enter sebis belore centa