The Following Data Relates to a Firm, Which Grants a Liberal

The following data relates to a firm, which grants a liberal right of return to its customers: $\begin{array} { | l | l | } \hline \text { Total credit sales for the year } & \$ 100,000 \\\hline \text { Gross profit percentage } & 40 \% \\\hline \text { Collections on account } & \$ 60,000 \\\hline \text { Actual returns during the year } & \$ 20,000 \\\hline \text { Accounts receivable for which the return privilege has yet to expire as of the year-end } &\$ 5,000 \\\hline\end{array}$ The firm is unable to estimate returns
Required:
(a) The summary entries to account for sales-related transactions during the year, and any adjusting entries (assume a perpetual inventory system).
(b) The relevant ending balance sheet accounts, and the income statement.
(c) The entry during the following year assuming the $5,000 of goods is returned before the return privilege expired.
(d) The entry during the following year assuming the return privilege expired on the $5,000 of accounts receivable.