Beethoven music company started business in march 2016. sales for its first year were $420,000. beethoven priced its merchandise to yield a 35% gross profit based on sales dollars. industry statistics suggest that 10% of the merchandise sold to customers will be returned. beethoven estimated its sales returns based on the industry average. during the year, customers returned $31,000 in sales. beethoven uses a perpetual inventory system. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) required: prepare the journal entry to record the sale.