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A B D G E . F On July 10, 2020, Amodt Music sold CDs to retailers on account and recorded sales revenue of $700,000 (cost $560,000). Amodt grants the right to return CDs that do not sell in 3 months following delivery. Past experiences indicate that the normal return rate is 15%. By October 11, 2020 retailers returned CDs to Amodt and were granted credit of $78,000. Assume that Amodt prepares financial statements on October 31, 2020. 7 8 9 10 11 Instructions Prepare the general journal entries for Amodt: (a) the sale on July 10, 2020. (b) $78,000 of returns on October 11, 2020, 12 13 14 15 16 Profair Wale Method Prob to Mainty Prob 3 Sales with Returns Probstan Type here to search