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Assuming Ivanhoe follows ASPE, prepare Ivanhoe's journal entries to record the sale on May 15, 2023, including any expected returns. (Credit account titles are automatically
Assuming Ivanhoe follows ASPE, prepare Ivanhoe's journal entries to record the sale on May 15, 2023, including any expected returns. (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 0 for the amounts. List all debit entries before credit entries.) N N Assuming Ivanhoe follows ASPE, prepare Ivanhoe's journal entries to record the $35,800 of actual returns on July 11, 2023 . Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No En .... J J J J On May 15, 2023, Ivanhoe Ltd. sold conveyor systems to Kingbird Inc. on account for a selling price of $479,000 (cost $296,980 ) terms n/30. Ivanhoe grants the right to return systems that do not sell within two months following delivery. Past experience indicates that the normal return rate is 10%. On July 11,2023 , Kingbird returned systems to Ivanhoe and was granted credits of $35,800. By the time Kingbird returned the systems, Ivanhoe's account had been paid in full. Assuming Ivanhoe follows IFRS, prepare Ivanhoe's journal entries to record the $35,800 of actual returns on July 11 , 2023 . (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.)
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