On December 31, John Photography Supplies estimated that $4,400 merchandise sold will be returned with a cost of $2.720. Joumalize the adjusting entries needed to account for the estimated returns. (Assume the company uses a perpetual inventory system. Record debits first, then credits. Select the explanation on the last line of the journal entry table.) (1) Begin by preparing the entry for the estimated refunds. Do not prepare the entry to record the estimated retum 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 ?