On July $10,2023,$ Cullumber Ltd$.$ sold GPS systems to retailers on account for a selling price of $$1,080,000($cost $$864,000).$

Cullumber 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 Cullumber and

were granted credits of $$89,000.$ The company follows IFRS.

$($a$)$

Prepare Cullumber'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 credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

July $10,2023$

$($To record sale$)$

July $10,2023$

$($To record cost of goods sold$)$