Exercise 18-21 Kingbird Publishing Co. publishes college 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% o 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%. The costs of recovery are expected to be immaterial, and the textbooks are expected to be resold at a profit. ] Your answer is correct. On July 1, 2017, Kingbird shipped books invoiced at $13,200,000 (cost $9,240,000). Prepare the journal entry to record this transaction. (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 O for the amounts.) Account Titles and Explanation Debit Credit Accounts Receivable 13200000 Sales Revenue 13200000 (To recognize revenue.) Cost of Goods Sold 9240000 Inventory 9240000 (To record cost of goods sold.)