Pelak Incorporated manufactures and sells professional ski equipment. Pelak offers a money$-$back guarantee for one year after the date of purchase. Cash sales for the current year amounted to $$630,000.$ Pelak estimates that $9\%$ of all sales are returned within the one$-$year period. Cost of goods sold are $70\%$ of sales. The company uses a perpetual inventory system. Record sales and estimated sales returns for the current year.

Let's begin by preparing the journal entry to record the sales for the current year. 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 any journal entries.$)$

$\backslash$table$[[$Account$,$Current Year$],[,],[,],[,],[,]]$

Now, prepare the journal entry related to the cost of goods sold.

$\backslash$table$[[$Account$,$Current Year$],[,],[,],[,],[,]]$