help w returned inventory pls

- View Policies Show Attempt History Current Attempt in Progress On March 10, 2020, Flint Company sold to Barr Hardware 160 tool sets at a price of $51 each (cost $29 per set) with terms of r/60, to.b, shipping point. Flint allows Barr to return any unused tool sets within 60 days of purchase Flint 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 tool sets on credit. that Flint sold them for cash. Your answer is correct Prepare journal entries for Flint 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 Fling prepares financial statements). Flint believes the original estimate of returns is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No entry for the account titles and enter for the amounts) No. Account Titles and Explanation Debit Credit (1) Cash 8160 3160 Sales Revenge (To record cash sales) Cost of Goods Sold 4640 Inventory (To record cost of goods sold) Sales Returns and Allowances 300 Accounts Payable (To record sales returns . 306 Debit Credit No. Account Titles and Explanation (1) Cash 8160 Sales Revenue 8160 (To record cash sales) Cost of Goods Sold 4640 4640 Inventory (To record cost of goods sold) Sales Returns and Allowances (2) 306 306 Accounts Payable (To record sales returns) Returned Inventory 174 Cost of Goods Sold 174 (To record cost of goods returned) (3) Sales Returns and Allowances 204 Accounts Payable 204 (Adjusting entry for sales returns) Estimated Inventory Returns 116 Cost of Goods Sold 110 (Adjusting entry for cost of goods sold) Indicate the income statement and balance sheet reporting by Flint at March 31, 2020, of the information related to the Barr sales. (List Assets in order of liquidity) Income Statement (partial) For the Quarter Ended March 31, 2020 8160 Sales Revenue 510 1 Less Sales Returns and Allowances Net Sales 7650 Cost of Goods Sold 4350 i Gross profit 3300 Balance Sheet (partial) March 31, 2020 Cash 8160 Returned Inventory 174 Accounts Payable 510