Question 9) On August 5, Michaels Ltd. sells goods for $1,500 on account and the cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned for credit and restored to inventory. The Journal entry to record the return of goods on August 12 would include: d. debit to Accounts Receivable for $1,500. b. debit to Inventory for $215. e. credit to Refund Liability for $75. O a. debit to Estimated Inventory Returns for $215. c. debit to Refund Liability for $80. Question 8) On August 5, Michaels Ltd. sells goods for $1,500 on account and the cost to Michaels was $800. Michaels expects a return rate of 5%. On August 12, goods with a selling price of $400 and a cost of $215 are returned for credit and restored to inventory. The journal entry to record the sale on August 5 would include: a. c. credit to Refund Liability for $80. a. credit to Estimated Inventory Returns for $215. b. credit to Inventory for $215. O d.credit to Accounts Receivable for $1,500. Oe. credit to Refund Liability for $75