Exercise 18-17 (Part Level Submission) On March 10, 2020, Marigold Company sold to Barr Hardware 200 tool sets at a price of $51 each (cost $28 per set) with terms of 1/60, f.o.b, shipping point. Marigold allows Barr to return any unused tool sets within 60 days of purchase. Marigold 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, 2020, Barr returned 6 tool sets and received a credit to its account. Assume that instead of selling the toolsets on credit, that Marigold sold them for cash. Your answer is correct. Prepare journal entries for Marigold to record (1) the sale on March 10, 2020, (2) the return on March 25, 2020, and (3) any adjusting entries required on March 31, 2020 (when Marigold prepares financial statements), Marigold believes the original estimate of returns 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 for the amounts.) Debit Credit No. Account Titles and Explanation (1) cash 10200 C 10200 Sales Revenue (To record cash sales) Cost of Goods Sold T Inventory (To record cost of goods sold) C S600 (2) Sales Returns and Allowan SIT Accounts Payable C 306 To record sales retur (b) Indicate the income statement and balance sheet reporting by Marigold at March 31, 2020, of the information related to the Barr sales. (List Assets in order of liquidity.) Income Statement (partial) March 31, 2020 Sales Revenue 10200 Less!. Sales Returns and Allowan Net Sales Cost of Goods Sold Gross profit Balance Sheet (partial) Accounts Receivable Allowance for Sales Retur Inventory Click if you would like to show Work for this question: Open Show Work