Rogers Computer, Inc, had sales during the month of August that totaled $14,000. Based on experience, company management expects 8 percent of the sales amount will be refunded to customers in the form of sales returns and allowances. The cost to Roger's Computer, Inc. of the goods that are estimated to be returned is $448. The following sale related transactions for Roger's Computer, Inc., occurred during the month of September (Click the icon to view the transactions) Read the requirements Requirement 1. Joumalize the necessary journal entries for Roger's Computer, Inc. to record the estimated refunds on August 31 No explanations are necessary (Record debits first, then credits Exclude explanations from any journal entries) Begin by journalizing the revenue portion of the adjustment for the estimated refunds for August. Do not yet record the cost adjustment We will do that in the next step Date Journal Entry Accounts Aug 31 Debit Credit More info Sep 3 Sold $3,800 (cost $1,400) of merchandise on account to J. Mckinney Terms, 1/15, n/45, FOB destination 4 Paid $125 to ship the goods sold on September 3 to J. Mckinney 10 Sold $2,500 (cost $1,000) of merchandise to cash customers 17 Received payment in full troms J. Mckinney for the September 3 sale 22 Sold $4,900 (cost $2.900) of merchandne on account to T Bothwell Terms, 3/10, n30, FOB shipping point 26 Granted T Bothwell a $600 allowance on the September 22 sale due to minor defects in the goods shipped 30 Received payment in full from T. Bothwell for the September 22 sale Requirements 1. Joumakze the necessary journal entries for Rogers Computer, Inc. to record the estimated refunds on August 31 No explanations are necessary 2. Joumalize the September transactions for Roger's Computer, Inc assuming the "net" method is used No explanations are necessary Print Done - X