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Need hellp completing this please On July 10, 2020, Ayayai Music sold CDs to retailers on account and recorded sales revenue of $745,000 (cost $566,200).

Need hellp completing this please

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On July 10, 2020, Ayayai Music sold CDs to retailers on account and recorded sales revenue of $745,000 (cost $566,200). Ayayai grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned CDs to Ayayai and were granted credit of $70,700. Prepare Ayayai's journal entries to record (a) the sale on July 10, 2020, and (b) $70,700 of returns on October 11, 2020, and on October 31, 2020. Assume that Ayayai prepares financial statement on October 31, 2020. (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.) No. Date Account Titles and Explanation Debit Cri (a) Jul. 10, 2020 Accounts Receivable Allowance for Sales Returns and Allowances (To record sales) Sales Revenue Cost of Goods Sold (To record cost of goods sold) (b) Oct. 11, 2020 Inventory Estimated Inventory Returns (To record sales returns) Cost of Goods Sold Allowance for Sales Returns and Allowances (To record cost of goods returned) Oct. 31, 2020 Returned Inventory Inventory

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