Assume the following data for Oshkosh Company before its year-end adjustments:

Journalize the adjusting entries for the following:
a. Estimated customer refunds and allowances
b. Estimated customer returns?

Unadjusted Balances Debit Credit Sales Cost of Merchandise Sold Estimated Returns Inventory Customer Refunds Payable $51,600000 $31,750,000 28,100 115,400 Estimated cost of merchandise that will be returned in the next year $400,000 Estimated percent of refunds for current year sales 1.2%