On March $10,2025,$ Wildhorse Company sold to Sheffield Hardware $170$ tool sets at a price of $$50$ each $($cost $$32$ per set$)$ with terms

of $\frac{n}{60},$ fo$.$b$.$ shipping point. Wildhorse allows Sheffeld to return arry unused tool sets within $60$ days of purchase. Wildhorse

estimates that $(1)10$ sets will be returned, $(2)$ the cost of recovering the products will be immaterial, and $(3)$ the returned tools sets

can be resold at a profit. On March $25,2025,$ Sheffield returned $5$ tool sets and received a credit to its account.

$($a$)$

Prepare journal entries for Wildhorse to record $(1)$ the sale on March $10,2025,(2)$ the return on March $25,2025,$ and $(3)$ any

adjusting entries required on March $31,2025$ twen Wildhorse prepares finacial statements$).$ Widhorse believes the origin

estimate of returns is correct. $($Credit account titles are autamatically indented when the amount is enterad. Do not indent manually. If

no entry is required, select $"$No entry" for the account tities and enter $0$ for the amounts List all debit entries before credit entries.$]$

$($To record sales$)$

$($To record cost of goods sold$)$

$(2)$

$($To record sales returns$)$

To record sale returns$)$

$($To record cost of goods returned$)$

$(3)$

$($Ad$)$usting entry for sales returns$)$

$($Ad$)$usting entry for sales returns$)$

$$

$($Adjusting entry for cost of goods sold$)$

$($Ad$)$usting entry for cost of goods sold$)$

Indicate the income statement reporting by Wildhorse at March $31,2025,$ of the information related to the Sheffield sales

transaction.

eTextbook and Media

List of Accounts

Attempts: $0$ of $5$ used

$($b$2).$

Indicate the balance sheet reporting by Wildhorse at March $31,2025,$ of the information related to the Sheffield sales

transaction.

$