Could you please help with the last question and provide steps

S5-4 (book/static) Overview, question 7 of 7,7 complete Question Help Journalize the following sales transactions for Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the icon to view the transactions.) Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods returned, $2,250. Date Accounts Debit Credit Jul. 5 2,250 Merchandise Inventory Estimated Returns Inventory 2.250 More Info - Jul. 10: Salem receives payment from the customer on the amount due, less discount. Jul. 1 Date Accounts Debit Credit Jul. 3 Salem sold $20,000 of men's sportswear for cash. Cost of goods sold is $10,000. Salem sold $62,000 of women's sportswear on account, credit terms are 3/10, n/30. Cost of goods is $31,000 Salem received a $4,500 sales return on damaged goods from the customer on July 1. Cost of goods damaged is $2,250. Jul. 10 Cash 60,140 Jul. 5 Refunds Payable 1860 Jul. 10 Salem receives payment from the customer on the amount due, less discount. Accounts Receivable 62000 Print Done > Choose from any list or enter any number in the input fields and then click Check Answer. ? Score: 2.46 of 3 pts 7 of 7 (7 complete) HW Score: 98.93%, 49.46 of 50 pts S5-4 (book/static) Question Help Journalize the following sales transactions for Salem Sportswear. Explanations are not required. The company estimates sales returns at the end of each month. (Assume the company uses a perpetual inventory system and records sales at the net amount.) (Click the icon to view the transactions.) Now prepare the entry to update the Merchandise Inventory account for the cost of the returned merchandise-Cost of goods returned, $2,250. Date Accounts Debit Credit Jul. 5 2,250 Merchandise Inventory Estimated Returns Inventory 2,250 Jul. 10: Salem receives payment from the customer on the amount due, less discount. Date Accounts Debit Credit Jul. 10 Cash 60,140 Refunds Payable 1860 Accounts Receivable 62000