In August, Intricate Designs sold $580,000 of merchandise; all sales were in cash. The cost of sales for August was $310,000. Based on past experience, Intricate uses an estimated return rate of 6% of sales. Record the journal entries for the monthly sales, cost of sales, estimated returns, and cost of estimated returns for August. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit August Cost of Goods Sold 310,000 Inventory 310,000 Prepare the journal entry for the estimated returns. Journal Entry Date Accounts August Sales Returns and Allowances Sales Refunds Payable Credit Debit 34,800 34,800 Prepare the journal entry for the cost of estimated returns. Journal Entry Date Accounts Debit Credit August