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*Brief Exercise 18-13 On July 10, 2017, Tamarisk Music sold CDs to retailers on account and recorded sales revenue of $684,000 (cost $567,720). Tamarisk grants

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*Brief Exercise 18-13 On July 10, 2017, Tamarisk Music sold CDs to retailers on account and recorded sales revenue of $684,000 (cost $567,720). Tamarisk grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Tamarisk and were granted credit of $82,000. Prepare Tamarisk's journal entries to record (a) the sale on July 10, 2017, and (b) $82,000 of returns on October 11, 2017, and on October 31, 2017. Assume that Tamarisk prepares financial statement on October 31, 2017. (Credit account tities 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 on Account Titles and Explanation Debit Credit No. Date (a) Jul. 10, 2017 (To record sales) (To record cost of goods sold) (b) Oct 11, 2017 (To record sales returns) (To record cost of goods returned) Oct. 31, 2017

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