rk QS 4-20C Recording estimated sales returns LO P6 ProBuilder reports merchandise sales of $70,000 and cost of merchandise sales of $14,000 in its first year of operations ending June 30, 2016 It makes of cost of sales, or $420. fiscal-year-end sting entries tor estimated future returns and allowances e ual to 3% of sales, o $200 and 3% a. & b. Prepare the June 30, 2016, fiscal-year-end adjusting jounal entry for future returns and allowances related to sales and cost of sales Journal entry worksheet Record the expected sales to be refunded. Note: Enter debits before credits Record entry