For the year ended December $31,2023,$ Davidson Mart had sales of $$800,000$ and cost of goods sold of $$600,000.$ Davidson estimates that approximately $2\%$ of the merchandise sold will be returned. The adjusting journal entry on December $31,2023,$ would include a credit to Refunds Payable for $$16,000$ credit to Estimated Returns Inventory for $$12,000$ debit to Cost of Goods Sold for $$12,000$ debit to Sales Revenue for $$4000$