During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $69,000. DZC returned $9,900 of this merchandise to the manufacturer for credit on its account. DZC then sold $57,000 of the remaining goods at a selling price of $83,600. DZC records sales returns as they occur and then records estimated additional returns at year-end. During the year, customers returned goods and were issued gift cards equal in amount to the initial selling price of $8,700. These goods were in perfect condition, so they were put back into DZCs inventory at their cost of $5,900. At year-end, DZC estimated $10,910 of current-year merchandise sales would be returned to DZC in the following year; DZC estimates $7,200 as its cost of this merchandise.

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M6-8 (Algo) Recording Journal Entries for Purchases, Purchase Returns, Sales, and Actual and Estimated Sales Returns Using a Perpetual Inventory System [LO 6-3, 6-4] During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $69,000. DZC returned $9,900 of this merchandise to the manufacturer for credit on its account. DZC then sold $57,000 of the remaining goods at a selling price of $83,600. DZC records sales returns as they occur and then records estimated additional returns at year-end. During the year, customers returned goods and were issued gift cards equal in amount to the initial selling price of $8,700. These goods were in perfect condition, so they were put back into DZC's inventory at their cost of $5,900. At year-end, DZC estimated $10,910 of current-year merchandise sales would be returned to DZC in the following year; DZC estimates $7,200 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.) Journal entry worksheet 5678 Record the purchase of goods from a manufacturer on account for $69,000. Note: Enter debits before credits. Journal entry worksheet 5678 Record the return of goods to the manufacturer at $9,900. Note: Enter debits before credits. Journal entry worksheet 5678 Record the sale of goods for $83,600 cash. Note: Enter debits before credits. Journal entry worksheet 1 67 Record the cost of goods sold at $57,000. Note: Enter debits before credits