Question
Exercise 18-21 Shamrock Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms
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On October 3, 2017, $1,670,000 of the invoiced July sales were returned according to the return policy, and the remaining $15,030,000 was paid. Prepare the journal entries for the return and payment. (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.)
Assume Shamrock prepares financial statements on October 31, 2017, the close of the fiscal year. No other returns are anticipated. Indicate the amounts reported on the income statement and balance related to the above transactions. (If answer is 0, please enter 0. Do not leave any fields blank.)
Income Statement (partial)
Balance Sheet (partial)
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