Editing Styles graph EX 5-23 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 2049. Journalize the adjusting entries on December 31, 20Y8, to record the expected customer returns. Focus ? (hp