In August, Drawing Designs sold $$530,000$ of merchandise; all sales were in cash. The cost of sales for Au

$$330,000.$ Based on past experience, Drawing uses an estimated return rate of $4\%$ of sales. Record the jol

for the monthly sales, cost of sales, estimated returns, and cost of estimated returns for August. $($Record de

then credits. Exclude explanations from any journal entries.$)$

Prepare the journal entry for the monthly sales. $($Do not record the cost of sales, we will do that in the next