Recording Sales with Expected Returns Novelty Inc. developed a new product in 2020 and its financial results follow. To increase acceptance by retailers, Novelty sold the product to retailers with an uncon Sales in 2020 Sales Value Cost Value $900,000 $600,000 60,000 40,000 75,000 50,000 Returns of 2020 sales in 2020 Returns of 2020 sales in January 2021 a. Prepare the 2020 sales journal entries for Novelty Inc. b. Record actual returns in 2020. Assume actual returns are on credit. C. Record estimated returns on December 31, 2020. d. Record actual returns in 2021(for January) and any required adjusting entries. Assume actual returns are on credit. a. 2020 Sales b. 2020 actual returns c. 2020 estimated returns d. 2021 actual returns