A local college enters into an agreement with a Bookstore, which will distribute that college press books. According to the contract, The bookstore has the right to return any unsold books no later than 24 weeks after sale.

On February 1, 2020, The Press (The college) sold on credit 300 books for $150 each to that Bookstore. The cost of each book is $70. The Press estimates that 50 of the books sold to the bookstore will be returned. On June 4, 35 books were returned.

Required:

As The Press's accountant, write the journal entries to record the sale, the return of 35 books and the expiry of the right of return