ProBuilder reports merchandise sales of $82,000 and cost of merchandise sales of $20,500 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 2% of sales, or $1,640, and 2% of cost of sales, or $410. 9. & b. Prepare the June 30 fiscal year-end adjusting journal entry for future returns and allowances related to sales and cost of sales. Answer is not complete. No Date Debit Credit 1 June 30 General Journal Sales returns and allowances Sales refund payable 2 June 30 Inventory returns estimated Cost of goods sold