QS 4-25B (Algo) Recording estimates of future returns LO P6 ProBuilder reports merchandise sales of $76,000 and cost of merchandise sales of $19,000 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated future returns and allowances equal to 4% of sales, or $3,040, and 4% of cost of sales, or $760. a. & b. Prepare the June 30 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. Note: Enter debits before credits. Date General Journal Debit Credit June 30