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just part b please On July 10, 2023, Wildhorse Ltd. sold GPS systems to retailers on account for a selling price of $1,020,000 (cost $816,000
just part b please
On July 10, 2023, Wildhorse Ltd. sold GPS systems to retailers on account for a selling price of $1,020,000 (cost $816,000 ). Wildhorse grants the right to return systems that do not sell in three months following delivery. Past experience indicates that the normal return rate is 15%. By October 11,2023 , following the collection on account, retailers returned systems to Wildhorse and were granted credits of $86,000. The company follows ASPE. (a) Your answer is correct. Prepare Wildhorse's journal entries to record the sale on July 10, 2023. (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 enter 0 for the amounts. List all debit entries before creditentries.) Date July 10,2023 (To record sale on account) July 10,2023 (To accrue for sales returns) July 10,2023 (To record cost of goods sold) Attempts: 3 of 3 used (b) Prepare Wildhorse's journal entries to record the $86,000 of actual returns on October 10, 2023. (Hint: Use Accounts Payable for the amount returned.) (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 enter 0 for the amounts. List all debit entries before credit entries.)Step by Step Solution
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