Blossom 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) Your Answer Correct Answer Your answer is partially correct. On August 8, 2023, Blossom shipped books invoiced at $37,000,000 (cost $29,600,000). Prepare the journal entry to record this transaction, including the 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 O for the amounts. List all debit entries before credit entries.) Date August 8, 2023 Account Titles and Explanation Accounts Receivable Debit Credit 37,000,000 Sales Returns and Allowances Sales Revenue 4,440,00 36,560,00 Date just 8, 2023 Account Titles and Explanation Accounts Receivable Sales Returns and Allowances Sales Revenue (To record sale on account) just 8, 2023 Cost of Goods Sold Estimated inventory Returns Inventory (To record cost of goods sold) Debit 37,000,000 26,048,000 3,552,000 Credit 4,440,000 36,560,000 29,600,000 On October 3, 2023, $1,300,000 of the invoiced July sales were returned according to the return policy, and the remaining $35,700,000 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 October 3, 2023 Account Titles and Explanation October 3, 2023 (To record return from customer) October 3, 2023 (To record return of inventory) (To record collection on account) Debit Credit