keAssignment/take Printer eBook Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31. Statprovides customers a refund for any returned or damaged merchandist. At the end of the year, Statz estimates that customers will request refunds for 1.5% of Sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3 of the following year, Buck Co. returned merchandise with a selling price of $5,000 for a cash refund. The returned merchandise originally cost Statz $3,100 1. Journalize the adjusting entries on December 31 to record the expected customer returns. Dec. 31 0 0 0 b. Journalize the entries to record the returned merchandise and cash refund to Buck Co. on February Feb. 3 D Accounting netic field Prenos Nox D40 10:11 PM 9/27/2021 Chedi My Work 12