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Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless Company Partial Trial Balance For Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 150,000.00 Estimated Returns Inventory 300.00 Customer Refunds Payable 350.00 Sales 428,000.00 Sales Returns and Allowances 17,000.00 Cost of Goods Sold 286,000.00 Curless has made the following estimates for next year: Sales made this year of $6,800 will be returned next year and customers will be granted full refunds. The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open Taccounts and enter the balances for the above accounts. Make appropriate adjustments to the Taccounts. For grading purposes use the labels shown. TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1) Adjust the liability for refunds to the current estimate (2) Adjust Estimated Returns Inventory to the current estimate. Assets Merchandise Inventory ATB X 150,000 Estimated Returns Inventory 300 5,900 x (2) ATB 6,200 X Liabilities Customer Refunds Payable 350 / |(1) ATB 6,800 x 7,150 X Owner's Equity Revenues Sales ATB X 428,000 Sales Returns and Allowances TB / (1) ATB 17,000 6,800 x 23,800 x Expenses Cost of Goods Sold TB 286,000 (2) 280,100 x 5,900 x ATB