Under the perpetual inventory system, the adjusting journal entries to record estimated sales returns (the original sales were on account) would be a credit memo is issued
A credit note, also known as a credit memo, is a business document issued by a seller to a buyer. Credit notes serve as a starting point for the sales return diary. In other words, the credit note is proof of a decrease in sales.
A credit memo is a commercial document sent by a supplier to the customer informing the customer of a decrease in the amount owed to the seller. If it is a cash sale, it denotes the amount of benefit owed to the client by the supplier.
A credit memo is a document that shows how much money a customer is owed for a full or partial return.
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