Adjusting entry for customer refunds, allowances, and returns Scott Company had sales of $12,350,000 and related cost of goods sold of $7,500,000 for the year ending December 31, 208. Scott provides...

Adjusting entry for customer refunds, allowances, and returns
Scott Company had sales of $12,350,000 and related cost of goods sold of
$7,500,000 for the year ending December 31, 208. 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 2019.
Journalize the adjusting entries on December 31, 20Y8, to record the
expected customer returns.

Record the adjusting entries to record the expected custoer returns.