During 2021, its first year of operations, Ashbaugh Industries recorded sales of $21,000,000 and experienced returns of $1,400,000. Returns are accounted for as they occur, with additional estimated returns accrued at the end of the period. Cost of goods sold totaled $12,600,000,000 (60% of sales). The company estimates that 8% of all sales will be returned. The year-end adjusting journal entry to account for anticipated sales returns would include a.
A) Credit to sales returns of $280,000.
B) Credit to refund liability of $280,000.
C) Debit to sales returns of $1,680,000.
D) Debit to cost of sales of $168,000.

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