UNTUWUN Score: 1.25 of 2 pts 1 of 99 complete HW Score: 72.06%, 18.02 of 25 pt % 55-3 (similar to) Question In August, Beautiful Designs sold $500,000 of merchandise all sales were in cash. The cost of sales for August was $360,000. Based on past experience, Beatuses an estimated retum rate of 4% of sales Record the uses for the monthly sales, como as estimated returns, and cost of estimated returns for August (Record etits first, then credits. Exclude explanations from any pure entries) Prepare the journal entry for the monthly sales. (Do not record the cost of sales, we will do that in the next step.) Journal Entry Date Accounts Debit Credit August Cash 560,000 Sales Revenue 560.000 Prepare the journal entry for the cost of sales Journal Entry Date Accounts August Cost of Goods Sold Inventory Credit Dab 360 000 360.000 Credit Prepare the journal entry for the estimated returns Journal Entry Date Accounts August Sales Returns and Allowances Sales Refunds Payable Debat 22.400 22.400 Check Answer Choose from any list or enter any number in the input fields and then click Check Answer CA All parts showing SO $ 4 8 7 6 5 3 UI 2 PL 1 of complete HW Score: 72.00% 18 25 S5-3 (similar to) wielo In August, Beaut Designs sold 560,000 of merchandise sales were in cash. The cost of sales for August 50.000. Based on past experience, Bettertures of Records monthly sales, cost of sales, estimated returns, and cost of estimated return for August. (Record debit first, the credits Exclude explanations from any juma) PHASE Journal Entry Date Accounts Debit Credit August Cost of Goods Sold 380,000 Inventory 300.000 Prepare the journal entry for the estimated returns Date Credit Journal Entry Accounts Sales Returns and Allowances Sales Refunds Payable Deb 22.400 August 22.400 Debit Credit Prepare the journal entry for the cost of estimated retums. Journal Entry Date Accounts August Inventory Returns Estimated Cost of Goods Sold Check Answer Clear Al Choose from any list or enter any number in the input fields and then click Check Answer All parts showing