fizer recognized sales of $500,000 during the year on merchandise with a cost of $260,000. Actual sales return during the year were $2800. Based on historical trends, the company estimates total returns to be 1.5% of sales. Assuming all sales are on account, record the adjusting entries for estimated sales returns on December 31 include the cost of goods sold entry.

Recording Estimated Returns Fiter recognized sales of 5500.000 during the year on merchandise with a cost of 5260,000 . Actual sales returns during the year were 52.800, thised on historical trends, the compafy. estimates total returns to be 1.5 wh of sales. Assuming all sales are on actount, record the adjusting entries for estimated sales returns on becember 31 . Include the cost of goods solid entry Note: Round your answers to the nearest whole number. Recording Estimated Returns Fizer recognized sales of $500,000 during the year on merchandise with a cost of : estimates total returns to be 1.5% of sales. Assuming all sales are on account, rece entry. Note: Round your answers to the nearest whole number