Exercise 18-16 On March 10, 2017, Whispering Company sold to Barr Hardware 180 tool sets at a price of $51 each (cost $29 per set) with terms of n/60, f.o.b, shipping point. Whispering allows Barr to retum any unused tool sets within 60 days of purchase. Whispering estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2017, Barr returned 6 tool sets and received a credit to its account. Prepare journal entries for Whispering to record (1) the sale on March 10, 2017, (2) the return on March 25, 2017, and (3) any adjusting entries required on March 31, 2017 (when Whispering prepares financial statements). Whispering believes the original estimate of retums is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Debit Credit No. Account Titles and Explanation (1) (To record sales) (To record cost of goods sold) (2) (To record sales returns) (To record cost of goods returned) (3) (Adjusting entry for sales returns) (Adjusting entry for cost of goods sold) Indicate the income statement and balance sheet reporting by Whispering for the quarter ended at March 31, 2017, of the information related to the Barr sales transaction. Income Statement (partial) Balance Sheet (partial) u