Crane Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Crane Growth sells these seeds on account for $2,100,000(cost$840,000) on April 2, 2023, Customers are required to pay the full amount due by June 15,2023 . The company follows IFRS Your anwer is partially correct Prepare the journal entry tor Crane Growth at April 2, 2023, assuming Crane Growthestimates returns of 200 based on arior experience. Crane follows ASPE. (Credit account titles are outomotically indented when the amownt is entered. Do net indent menually if no entry is required, select 'No Entry" for the occount titles and enter O for the arnounts. Ust all debit entries before credit entries) On October 3,2023,$1,700,000 of the invoiced July sales were returned according to the return policy, and $17,300,000 was paid. Prepare the journal entries for the return and payment. (Credit occount tities are autom the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and ente List all debit entries before credit entries.) Date Account Titles and Explanation Debit October 3, 2023 (To record return from customer) October 3,2023 (To record return of inventory) On October 3,2023,\$1,700,000 of the invoiced July sales were returned according to the return policy, and the remaining $17,300,000 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.) Crane Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Crane Growth sells these seeds on account for $2,100,000(cost$840,000) on April 2, 2023, Customers are required to pay the full amount due by June 15,2023 . The company follows IFRS Your anwer is partially correct Prepare the journal entry tor Crane Growth at April 2, 2023, assuming Crane Growthestimates returns of 200 based on arior experience. Crane follows ASPE. (Credit account titles are outomotically indented when the amownt is entered. Do net indent menually if no entry is required, select 'No Entry" for the occount titles and enter O for the arnounts. Ust all debit entries before credit entries) On October 3,2023,$1,700,000 of the invoiced July sales were returned according to the return policy, and $17,300,000 was paid. Prepare the journal entries for the return and payment. (Credit occount tities are autom the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and ente List all debit entries before credit entries.) Date Account Titles and Explanation Debit October 3, 2023 (To record return from customer) October 3,2023 (To record return of inventory) On October 3,2023,\$1,700,000 of the invoiced July sales were returned according to the return policy, and the remaining $17,300,000 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.)
