On average, about 6% of the merchandise Alaska Paint Co, sells is returned. During the month of March, Alaska Paint sold merchandise costing $550,000 to customers for $715,000 on account. Assume the company uses a perpetual inventory system. What is the estimated amount of sales returns? What is the journal entry to record this sale and estimated return? Determine the estimated amount of sales returns The estimated amount of sales retums in March is Prepare the journal entry to record the sales on March 31. Do not record the journal entry related to the cost of goods sold. We will do that in the next step. (Record debits first, then credits. Exclude explanations from joumal entries.) Account March 31 Now, prepare the journal entry related to the cost of goods sold on March 31, Account March 31