Exercise 18-20 Carla Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Carla estimates returns of 15%. Carla sells these seeds on account for $1,570,000 (cost $785,000) on January 2, 2017. Customers are required to pay the full amount due by March 15, 2017. Partially correct answer. Your answer is partially correct. Try again. Prepare the journal entry for Carla at January 2, 2017. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2, 2017 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To recognize revenue.) Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer now contains modified data Entry field with incorrect answer Entry field with incorrect answer (To record cost of goods sold.) SHOW LIST OF ACCOUNTS LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. Assume that one customer returns the seeds on March 1, 2017, due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $102,000 of seeds from Carla and also record the entry required to pay the full amount due by March 15, 2017. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record sales returns) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record cost of goods returned) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer SHOW LIST OF ACCOUNTS LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. Assume Carla prepares financial statements quarterly. Prepare the necessary entries (if any) to adjust Carlas financial results for the above transactions on March 31, 2017, assuming remaining expected returns of $133,500. (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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Mar. 31, 2017 Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record sales returns) Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer (To record cost of goods returned) Click if you would like to Show Work for this question: Open Show Work