HW Score: 0%, 0 of 20 pts P4-46B (similar to) Question Help Madison's Flower, Inc., had sales during the month of August that totaled $23,000. Based on experience, company management expects 4 percent of the sales amount will be refunded to customers in the form of sales returns and allowances. The cost to Madison's Flower, Inc., of the goods that are estimated to be returned is $460. The following sele-related transactions for Madison's Flower. Inc, occurred during the month of September (Click the icon to view the transactions.) Read the requirements Requirement 1. Journalize the necessary journal entries for Madison's Flower, Inc., to record the estimated refunds on August 31. No explanations are necessary (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by Journalizing the revenue portion of the adjustment for the estimated retunds for August. Do not yet record the cost adjustment. We will do that in the next step Journal Entry Date Accounts Debit Credit Aug 31 Choose from any list or enter any number in the input fields and then click Check Answer. 11 parts remaining Clear All Check Answer Sep 3 Sold $4,200 (cost $1,700) of merchandise on account to D. Beavens. Terms, 2/15, n/45, FOB destination 4 Paid $50 to ship the goods sold on September 3 to D. Beavens. 10 Sold $2,350 (cost $500) of merchandise to cash customers. 17 Received payment in full from D. Beavens for the September 3 sale. 22 Sold $5,000 (cost $3,000) of merchandise on account to S. Fraser. Terms, 2/10,n/30, FOB shipping point. 26 Granted S. Fraser a $100 allowance on the September 22 sale due to minor defects in the goods shipped. 30 Received payment in full from S. Fraser for the September 22 sale. Print Done 1. Journalize the necessary journal entries for Madison's Flower, Inc., to record the estimated refunds on August 31. No explanations are necessary. 2. Journalize the September transactions for Madison's Flower, Inc. assuming the "net" method is used. No explanations are necessary. Print Done