djusting entry for customer refunds, allowances, and returns Instructions Chart of Accounts Journal Instructions Scott Company had sales of $12,550,000 and related cost of goods sold of $8,000,000 for the year ending December 31, 20Y8. Scott provides customers a refund for any returned or damaged merchandise. Scott Company estimates that customers will request refunds for 0.7% of sales and estimates that merchandise costing S42,000 will be returned in 2049. Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts UCIICIGI Leuyei ASSETS 110 Cash REVENUE 410 Sales 610 Rent Revenue 120 Accounts Receivable 125 Notes Receivable 130 Inventory 131 Estimated Returns Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation Store Equipment 194 Office Equipment 195 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 521 Delivery Expense 522 Advertising Expense 524 Depreciation Expense-Store Equipment 525 Depreciation Expense-Office Equipment 526 Salaries Expense 531 Rent Expense 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES uctions t of Accounts 194 Office Equipment 195 Accumulated Depreciation Office Equipment 533 Insurance Expense 534 Store Supplies Expense 535 Office Supplies Expense 536 Credit Card Expense LIABILITIES 210 Accounts Payable 539 Miscellaneous Expense 710 Interest Expense 216 Salaries Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Adjusting entry for customer refunds, allowances, and returns = Instructions Chart of Accounts Journal Instructions Journal Journalize the adjusting entries on December 31 to record the expected customer returns. Refer to the Chart of Accounts for exact JOURNAL POST. REF DEBIT CREDIT DATE DESCRIPTION 1 2 3