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please answer all the questions First Name Student ID Last Name Chico...

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Accounting

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First Name Student ID Last Name Chico Company allows its customers to return merchandise within 30 days of purchase. . At December 31.,2018, the end of its first year of operations, Chico estimates future-period merchandise returns of $60,000 (cost of $22,500) related to its 2018 sales. On January 3,2019, a customer returns merchandise with a selling price of $2,000 for a cash refund; the returned merchandise cost $750 and is returmed to inventory as it is not defective a. Prepare the December 31, 2018, year-end adjusting journal entry for estimated future sales returns and allowances (revenue side). b. Prepare the December 31, 2018, year-end adjusting journal entry for estimated future inventory returns and allowances (cost side). c. Prepare the January 3, 2019 journal entry(ies) to record the merchandise returned ate General Journal De Credit Dec 31 2 Dec 31 an 03 Jan 03

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