During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $53,000 DZC returned $8,300 of this merchandise to the manufacturer for credit on its account. DZC then sold $41,000 of the remaining goods at a selling price of $67,600. DZC records sales retums 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 $7100. These goods were in perfect condition, so they were put back into DZC's inventory at their cost of $4,300. At year-end, DZC estimated $9,310 of current year merchandise sales would be returned to DZC in the following year, DZC estimates $5,600 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 View journal entry worksheet No Transaction General Journal Debit Credit 1 a 53,000 Inventory Accounts Payable 53,000 2 b 8,300 Accounts Payable Inventory 8,300 c 67.600 Cash Sales Revenue 67600 4 d 41,000 Cost of Goods Sold Inventory 41.000 5 7.100 Inventory - Estimated Returns Cash 7,100 6 4.300 Inventory Cost of Goods Sold 4.300 7 9 9.310 9,310 8 h No Journal Entry Required 1 Record the purchase of goods from a manufacturer on account for $53,000. 2 Record the return of goods by the manufacturer at $8,300. 3 Record the sale of goods at $67,600. Record the cost of goods sold at $41,000. 5 Record the return of goods by the customer at $7,100. 6 Record the cost of goods returned at $4,300. 7 Record the return of goods estimated for the following year at $9,310. 8 Record the cost of goods estimated to be returned in the following year at $5,600