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S5-5 (similar to) Question Help At December 31, Jane Photography Supplies estimated that approximately 4% of merchandise sold will be returned. Sales Revenue for the year was $115,000 with debits first, then credits. Select the explanation on the last line of the journal entry table.) cost of $64,000. Journalize the adjusting entries needed to account for the estimated returns. Assume the company uses a perpetual inventory system. Record (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated return of merchandise with this entry. We will do that in the following step. Date Accounts and Explanation Debit Credit Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer. ? part remaining Clear All Check