8.75/201 View Policies Show Attempt History Current Attempt in Progress Oriole Publishing Co. publishes college and university textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price. terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12% and the average collection period is 72 days. The company follows IFRS. (c) (d) Your answer is partially correct. On October 3, 2023, $1,700,000 of the invoiced July sales were returned according to the return policy, and the remaining $17,300,000 was paid. Prepare the journal entries for the return and payment. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List all debit entries before credit entries.) Date Account Titles and Explanation ober 3, 2023 Refund Liability Accounts Receivable (To record return from customer) ober 3, 2023 Returned Inventory Estimated Inventory Returns (To record return of inventory) ober 3, 2023 Cash Accounts Receivable (To record collection on account) Debit 1,700,000 580,000 17,300,000 Credit 1.700,000 580.000 17.300.000