ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $11,200. Of the $11,200 of receivables, $2,600 are within a 3% discount period, meaning that it expects buyers to take $78 in future discounts arising from this periods sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts.

b. Assume the same facts above and that there is a $12 fiscal-year-end unadjusted credit balance in the Allowance for Sales Discounts. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts.

ProBuilder reports merchandise sales of $74,000 and cost of merchandise sales of $18,500 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 1% of sales, or $740, and 1% of cost of sales, or $185. a. & b. Prepare the June 30 fiscal-year-end adjusting journal entry for future returns and allowances related to sales and cost of sales.

Journal entry worksheet Record the expected sales discounts. Note: Enter debits before credits. General Journal Debit Credit Date June 30 Record entry Clear entry View general journal Journal entry worksheet Record the expected sales discounts. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal Journal entry worksheet Record the expected sales to be refunded. Note: Enter debits before credits. Date General Journal Debit Credit June 30 Record entry Clear entry View general journal