ProBuilder reports merchandise sales of $72,000 and cost of merchandise sales of $18,000 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 $1,440, and 28 of cost of sales, or $360. 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 View transaction list Journal entry worksheet Record the expected sales to be refunded. Nu tar det stort Debit Credit Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) July hase July 1 Purchased merchandise from Boden Company for $6,400 under credit terms of 2/15, 1/30, TOB shipping point, invoice dated July 1. 2 Sold merchandise to Creek Co. for $900 under credit terms of 2/10, 1/80, POB shipping point, invoice dated July 2. The merchandise had cost $532. 3 Paid $105 cash for freight charges on the purchase of July 1. 6 Sold merchandise that had cost $1,700 for $2,100 cash. 9 Purchased merchandise from Leight Co. O $2,200 under credit term of 2/15, n/60, POB destination, invoice dated July 9. 11 Received a $200 credit w erandum from Leigh Cook the return of part of the merchandise purchased on July 9. 12 Received the balance due from Creek Co. for the invoice dated July 2. Bet of the discount. 16 Paid the balance due to Boden Company within the discount period. 19 Sold merchandise that cost $800 to art Co. for $1.200 under credit terms of 2/15./60, POB shipping point, Invoice dated July 19. 21 Issued a $200 credit memorandum to Art Co. or an allowance on good old on July 19. 24 Daid Leight Co. the balance due, net of discount. 10 Received the balance due trom Art Co. For the invoice dated July 19, n ot discouns. 31 Sold hands that cost $5,200 to Creek Co to $7,500 de credit terms of 2/10, 1/80, OB shipping point invoice dated July 31. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 ..... 17 Purchased merchandise from Boden Company for $6.400 under credit terms of 2/15, n/30, FOB shipping point, invoice dated July 1