During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $50,000. DZC returned $8,000 of this merchandise to the manufacturer for credit on its account DZC then sold $38,000 of the remaining goods at a selling price of $64,600. DZC records sales returns as they occur and then records estimated additional returns at year- end. During the year, customers returned goods that had been sold at a price of $6,800. These goods were in perfect condition, so they were put back into DZC's inventory at their cost of $4,000. At year-end, DZC estimated $9,010 of current year merchandise sales would be returned to DZC in the following year, DZC estimates $5,300 as its cost of this merchandise. Prepare journal entries to record DZC's transactions and estimates, assuming DZC uses a perpetual inventory system. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 Record the purchase of goods from a manufacturer on account for $50,000, Note: Enter debits before credits Transaction Debit Credit General Journal Inventory Accounts Payable Cash Cost of Goods Sold Record entry Clear entry View general Journal During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $50,000 DZC returned $8,000 of this merchandise to the manufacturer for credit on its account. DZC then sold $38,000 of the remaining goods at a selling price of $64,600. DZC records sales returns as they occur and then records estimated additional returns at year- end. During the year, customers returned goods that had been sold at a price of $6,800. These goods were in perfect condition, so they were put back into DZC's inventory at their cost of $4,000. At year-end, DZC estimated $9,010 of current year merchandise sales would be returned to DZC in the following year, DZC estimates $5,300 as its cost of this merchandise. Prepare journal entries to record DZC's transactions and estimates, assuming DZC uses a perpetual inventory system, (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 Record the return of goods by the manufacturer at $8,000. Note: Enter debits before credits Transaction General Joumal Debit Credit b Record entry Clear entry View general Journal