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Instructions Zell Company had sales of $1,800,000 and related cost of merchandise sold of 51,150,000...

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Instructions Zell Company had sales of $1,800,000 and related cost of merchandise sold of 51,150,000 for its first year of operations ending December 31, 2019. Zell Company provides customers a refund for any returned or damaged merchandise. At the end of the year, Zel Company estimates that customers will request refunds and allowances for 1.5% of sales and estimates that merchandise costing 516,000 will be returned. Assume that on February 3, 2020, Anderson Co. returned merchandise with a seling price of $5,000 for a cash refund. The returned merchandise originally cost Zell Company 53,100 Required: (a) Journalize the adjusting entries on December 31, 2019 to record the expected customer returns (0) Journate the entries to record the returned merchandise and cash refund to Anderson Co "Refer to the Chart of Accounts for exact wording of accounts

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