help on the income statement and balance sheet

On March 10, 2020, Sunland Company sold to Barr Hardware 210 tool sets at a price of $52 each (cost $31 per set with terms of n/60, f.o.b.shipping point. Sunland allows Barr to return any unused tool sets within 60 days of purchase. Sunland 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 7 tool sets and received a credit to its account. Assume that instead of selling the tool sets on credit that Sunland sold them for cash Your answer is correct. Prepare journal entries for Sunland 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 Sunland prepares financial statements). Sunland 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) No. Account Titles and Explanation (1) Cash Debit Credit 10920 6510 Sales Revenue (To record cash sales) Cost of Goods Sold Inventory (To record cost of goods sold) (2) Sales Returns and Allowances Accounts Payable (To record sales returns) Returned Inventory 361 Cost of Goods Sold (To record cost of goods returned) (3) Sales Returns and Allowances Accounts Payable (Adjusting entry for sales returns) Estimated Inventory Returns 156 (3) Sales Returns and Allowances Accounts Payable (Adjusting entry for sales returns) Estimated Inventory Returns Cost of Goods Sold (Adjusting entry for cost of goods sold) 93 cTextbook and Media List of Accounts Income Statement (partial) For the Quarter Ended March 31, 2020 Sales Revenue 15 llo 11% || | $ 10920 364 7 7 Less Sales Returns and Allowances Net Sales Cost of Goods Sold Gross profit 6510 I / // / / / / Balance Sheet (partial) March 31, 2020 OD Returned Inventory Accounts Payable