Question: Adjusting entry for customer refunds, allowances, and returns Obj. 3 Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000 for

Adjusting entry for customer refunds, allowances, and returns Obj. 3 Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000 for the year ending December 31, 20Y8. Scott provides customers a refund for any returned or damaged merchandise. Scott Company estimates that customers will request refunds for 0.8% of sales and estimates that merchandise costing $48,000 will be returned in 20Y9. Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns.

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