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Current Attempt in Progress Cullumber Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest. It has
Current Attempt in Progress Cullumber 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. Cullumber Growth sells these seeds on account for $1.550,000 (cost $620.000) on April 2.2023 Customers are required to pay the full amount due by June 15, 2023. The company follows IFRS. (a) Prepare the journal entry for Cullumber Growth at April 2. 2023, assuming Cullumber Growth estimates returns of 20% based on prior experience. (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 Account Titles and Explanation April 2.2023 Debit Credit earch (b) April 2, 2023 April 2, 2023 (To record cost of goods sold) eTextbook and Media List of Accounts 2' D W P 0 Attempts: 0 of 5 used Submit Answer ENG 936 PM UK 1/8/2023
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