E 14-2A (L01) Sales RSA end bal $21,000 ADJUSTMENT FOR MERCHANDISE INVENTORY USING TACCOUNTS: PERIODIC INVENTORY SYSTEM WITH SALES RETURNS AND ALLOWANCES Sam Edwards owns a business called Sam's Stuff. A physical count determined his ending inven tory as of December 31, 20-- was $72,000. Based on past experience, Sam estimates that $5,000 of sales from this year will be returned next year. The cost of the mer chandise expected to be returned is $3,000. Using the partial Trial Balance provided below, set up T accounts for Merchandise Inventory, Estimated Returns Inventory Customer Refunds Payable, Sales Returns and Allowances, and Income Summary and prepare the year-end adjustments for Merchandise Inventory and related accounts. A B 1 2 3 4 6 7 THIAL BILANCE PANTAI 60,000.00 2,500.00 Merchandise mentory Estimated Returns Inventory Customer Refunds Payable Sales Retums and Allowances Income Summary 4,000.00 20,000.00 8 9