Recording Sales with Expected Returns Novelty Inc. developed a new product during the year, and its financial results follow. To increase acceptance by retailers, Novelty sold the product to retailers with an credit. Novelty uses the perpetual inventory system. Required Prepare the following entries, including the sales and cost of goods sold entry for each requirement. a. Prepare the current year sales journal entries. b. Record actual returns in the current year. Assume actual returns are on credit. c. Record estimated returns on December 31 of the current year. d. Record actual returns in January of the next year. Assume actual returns are on credit. e. Record adjusting entries at year end