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Assume that one customer returns planters on March 1, 2020, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $91,000 of planters from Sheridan and also record the entry required to pay the full amount due by March 15, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Debit Credit te 020 Account Titles and Explanation Sales Returns and Allowances 91000 Accounts Receivable 91000 (To record sales returns) Returned Inventory Cost of Goods Sold (To record cost of goods returned) 2020 Cash Accounts Receivable Assume Sheridan prepares financial statements quarterly. Prepare the necessary entries (if any) to adjust Sheridan's financial results for the above transactions on March 31, 2020, assuming remaining expected returns of $221,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Mar. 31 Sales Returns and Allowances 2020 Allowance for Sales Returns and Allowances (To record sales returns) Estimated Inventory Returns Cost of Goods Sold (To record cost of goods returned) e Textbook and Media List of Accounts

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