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Ivanhoe Choice sells natural supplements to customers with an unconditional sales retum if they are not satisfied. The sales returns extends 60 days. On February

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Ivanhoe Choice sells natural supplements to customers with an unconditional sales retum if they are not satisfied. The sales returns extends 60 days. On February 10, 2021. a customer purchases $3000 of products (cost $1500). Assuming that based on prior experience, estimated returns are 10% The journal entry to record the expected sales return and cost of goods sold includes a O debit to Cash and a credit to Sales Revenue of $3000. Odebit to Cost of Goods Sold and credit to Inventory for $1500. O debit to Sales Returns and Allowance of $300 and a credit to Allowance for Sales Returns and Allowances of $150 O credit to Estimated Inventory Returns of $150

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