NOTE: THE ONLY THING I CAN'T FIGURE OUT IS THE AMOUNT TO PUT ON THE BALANCE SHEET UNDER RETURNED INVENTORY

Prepare journal entries for Culver to record (1) the sale on March 10, 2020, (2) the return on March 25, 2020, and (3) any adjusting entries required on March 31, 2020 (when Culver prepares financial statements). Culver believes the original estimate of returns is correct. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit (1) Accounts Receivable 8000 Sales Revenue 8000 (To record sales) Cost of Goods Sold 4800 Inventory 4800 (To record cost of goods sold) (2) Sales Returns and Allowances 350 Accounts Receivable 350 (To record sales returns) Returned Inventory 210 Cost of Goods Sold 210 (To record cost of goods returned) (3) Sales Returns and Allowances 150 Allowance for Sales Returns and Allowances 150 (Adjusting entry for sales returns) Estimated Inventory Returns 90 Cost of Goods Sold 90 (Adjusting entry for cost of goods sold) Balance Sheet (partial) March 31, 2020 Accounts Receivable 7650 Less V: Allowance for Sales Returns and Allowances 150 i $ Returned Inventory $