In August, Contemporary Designs sold $570,000 of merchandise; all sales were in cash. The cost of sales for August was $370,000. Based on past experience, Contemporary uses an estimated return rate of 2% of sales. Record the journal entries for the monthly sales, cost of sales, estimated returns, and cost of estimate returns for August. (Record debits first, then credits. Exclude explanations from any journal entries.) Prepare the journal entry for the monthly sales. (Do not record the cost of sales, we will do that in the next step.) Date August Journal Entry Accounts Debit Credit