Under the perpetual inventory system, the adjusting journal entries to record estimated sales retums (the original sales were on account) would be: O A. Accounts Receivable Sales Revenue Sales Revenue Cost of Goods Sold OB. Sales Revenue Merchandise Inventory Estimated Returns Inventory Refunds Payable OC. Sales Revenue Refunds Payable Estimated Returns Inventory Cost of Goods Sold OD. Sales Returns and Allowances Cost of Goods Sold Merchandise Inventory Accounts Receivable