Krazy Knitters had sales during the month of June that totaled $7,000. Based on experience, company management expects 9 percent of the sales amount will be refunded to customers in the form of sales returns and allowances. The cost to Krazy Knitters of the goods that are estimated to be returned is $378. Read the requirements. Requirement 1. Journalize the necessary journal entries to record the estimated refunds on June 30. No explanations are necessary. (Record debits first, then credits. Exclude explanations from any joumal entries.) Begin by making the adjusting journal entry for the estimated refund liability on June 30. Date June 30 Journal Entry Accounts Debit Credit