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The transactions listed below are typical of those involving Amalgamated Textiles and American Fashions. Amalgamated is a wholesale merchandiser and American Fashions is a retail merchandiser. Assume all sales of merchandise from Amalgamated to American Fashions are made with terms n/60, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31.

1. Amalgamated sold merchandise to American Fashions at a selling price of $310,000. The merchandise had cost Amalgamated $207,000.
2. Two days later, American Fashions returned goods that had been sold to the company at a price of $35,500 and complained to Amalgamated that some of the remaining merchandise differed from what American Fashions had ordered. Amalgamated agreed to give an allowance of $4,500 to American Fashions. The goods returned by American Fashions had cost Amalgamated $23,270.
3. Just three days later, American Fashions paid Amalgamated, which settled all amounts owed

Prepare the journal entries that Amalgamated Textiles would record. TIP: When using a perpetual inventory system, the seller always makes two journal entries when goods are sold.

Journal entry worksheet

Note: Enter debits before credits.

Transaction	General Journal	Debit	Credit
b(1)	InventoryEstimated Returns	35,500
	Allowance for Doubtful Accounts	4,500
	Accounts Receivable		40,000

I thought that this was the correct answer but it is incorrect! Any help would be greatly appreciated!