In its first year of business, Borden Corporation had sales of $2,180,000 and cost of goods sold of $1,290,000. Borden expects returns in the following year to equal 7% of sales. The adjusting entry or entries to record the expected sales returns is (are): Multiple Choice Accounts Receivable Sales 2,180,000 2,180,000 Sales returns and allowances Sales Cost of Goods Sold Inventory Returns Estimated 152,600 152,600 90,300 90, 300 Sales Sales Refund Payable Accounts receivable 2,180,000 152,600 12,027,400 Sales Refund Payable Accounts receivable 152,600 152,600 Sales Returns and Allowances Sales Refund Payable Inventory Returns Estimated Cost of goods sold 152,600 152,600 90, 300 90,300