ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2016. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $1,000, and 2% of cost of sales, or $400. a. & b. Prepare the June 30, 2016, fiscal-year-end adjusting journal entry for future returns and allowances related to sales and cost of sales. ew transaction list 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