Revenue Recognition Standard-Adjusting journal Entries During the year, Carte Corporapon sells merchandise on account totaling $4,000,000 with a cast of merchandise to Carrie of $2,000,000 Carrie offers its customers credit terms of 1/15 n/30 Carrie recognizes that there are $410,000 of sales on account still eligible for the 1 percent discount at year-end and believes that all companies will pay within the discount period Additionally, Carrie allows a 90-day return privilege for the merchandise it sells. At year-end, Carre estimates sales of $1,200,000 (with a cost to Carrie of $600,000) remain that are still within the 50-day return period. From past experience, 6 percent of this merchandise is expected to be returned. Prepare the period end adjunting journal entries needed for Carrie Corporation to comply with the revenue recognition standard. Carrie Corporation's fiscal year-end is December 31. General Journal Description To record estimated sales discounts 0 Debit Credit T # To record estrated turn of t gible for rebam $ 0 0 To record the cost of merchandise sold for sales still eligible for return