1. Bill or Hold Agreement

On January 10, 2017, Marvin Company enters a contract to sell goods for $500,000 to Carver Inc. The goods cost a total of $245,000 to make. Within the contract agreement, both parties agree that Marvin will hold the goods until March 1, however, title passes to Carver on January 10^th. Record the journal entry for the sale of goods.

2. Sales with returns

On January 10, 2017, Marvin Company enters a contract to sell goods for $500,000 to Carver Inc. on account. The goods cost a total of $245,000 to make. The goods were delivered on February 1^st, 2017. Additionally, on February 15^th Carver Inc., returned some of the goods and was granted a $30,000 credit. The goods returned had a cost of $15,300. Create the following journal entries for Marvin Company (a) the sale of goods and (b) the return of goods on February 15^th