Islim Limited manufactures faux fur coats of all types and sizes that are sold to specialty stores throughout Canada Sales to retailers provide for payment within 60 days of delivery and the retailer may return a maximum of 25% of an order at the retailer's expense for the freight. Past experience indicates that the normal return rate is 12%. Islim has a perpetual inventory system and follows IFRS. On July 1, 2020, Islim shipped faux furs invoiced at $4.6 million (cost $2.6 million). Prepare the journal entry to record this transaction. (Credit account tites are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit July 1 (To record sales on account) July 1 (To record cost of goods sold) e Textbook and Media On October 3, 2020. $506,000 of the invoiced July sales were returned according to the return policy, and the remaining balances on account were paid. Prepare the journal entries for the return and collection (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 entero for the amounts. Round answers to decimal places eg. 5.275.) Date Account Titles and Explanation Debit Credit Oct. 3 (To record sales return) Oct. 3 (To record inventory returns from customers Oct. 3