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Smith Company sold merchandise inventory on account to Justin's Jewelers. Smith Company grants a $300...

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Accounting

Smith Company sold merchandise inventory on account to Justin's Jewelers. Smith Company grants a $300 sales allowance for damaged goods to Justin's. The journal entry to record a sales allowance in the books of Smith Company, using the perpetual inventory system and assuming an adjusting entry was made to record estimated sales returns would be:
A. Estimated Returns Inventory
300
B. Refunds Payable
300
C. Cost of Goods Sold
300
D. Refunds Payable
300
Accounts Receivable
300
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