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Assume the following data for Oshkosh Company before its year-end adjustments: Unadjusted Balances Debit CreditSales $51,600,000Cost of Merchandise Sold $31,750,000 Estimated Returns Inventory 28,100 Customer Refunds Payable 115,400Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2% Journalize the adjusting entries for the following:(a) Estimated customer refunds and allowances.*(b) Estimated customer returns.*Refer to the Chart of Accounts for exact wording of account titles.*CHART OF ACCOUNTSOshkosh CompanyGeneral Ledger ASSETS110 Cash120 Accounts Receivable125 Notes Receivable130 Merchandise Inventory131 Estimated Returns Inventory140 Office Supplies141 Store Supplies142 Prepaid Insurance180 Land192 Store Equipment193 Accumulated Depreciation-Store Equipment194 Office Equipment195 Accumulated Depreciation-Office Equipment LIABILITIES210 Accounts Payable216 Salaries Payable218 Sales Tax Payable219 Customers Refunds Payable220 Unearned Rent221 Notes Payable EQUITY310 Owner, Capital311 Owner, Drawing312 Income Summary REVENUE410 Sales610 Rent Revenue EXPENSES510 Cost of Merchandise Sold521 Delivery Expense522 Advertising Expense524 Depreciation Expense-Store Equipment525 Depreciation Expense-Office Equipment526 Salaries Expense531 Rent Expense533 Insurance Expense534 Store Supplies Expense535 Office Supplies Expense536 Credit Card Expense539 Miscellaneous Expense710 Interest ExpenseJournalize the adjusting entries for the following: (a) Estimated customer refunds and allowances. (b) Estimated customer returns. Refer to the Chart of Accounts for exact wording of account titles.PAGE 10JOURNALACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY1Adjusting Entries2345
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