Blossom Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return of these products if not fully satisfied. The right of return extends for $4$ months. Blossom estimates returns of $10\%.$ Blossom sells these planters on account for $$1,510,000($cost $$755,000)$ on January $2,2025.$ Customers are required to pay the full amount due by March $15,2025.$

$($a$)$

Prepare the journal entry for Blossom at January $2,2025.($Credit account titles are automatically indented when 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

Jan. $2,2025$

Jan. $2,2025$

Debit

Credit

$($To recognize revenue.$)$

$($To record cost of goods sold.$)$