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.

Prepare Cullumber's journal entries to record the $$89,000$ of actual returns on October $10,2023.($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

ber $10,2023$

Refund Liability

Accounts Payable

$($To record returns from customers$)$

ber $10,2023$

Estimated Inventory Returns

$($To record return of inventory$)$

ber $10,2023$

$[$