On July 1, 2020, Islim shipped faux furs invoiced at $4.6 million cost $26 million). Prepare the journal entry to record this transaction. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit July 1 Accounts Receivable 4600000 Sales Revenue 4600000 (To record sales on account) Cost of Goods Sold July 1 2600000 Inventory 2600000 Inventory (To record cost of goods sold) e Textbook and Media Your answer is partially correct. 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.) Debit Credit Date Account Titles and Explanation Oct. 3 Refund Liability 506000 Accounts Receivable 300000 No Entry 0 (To record sales return) Oct. 3 Inventory 506000 Cost of Goods Sold 506000 No Entry 0 0 (To record inventory returns from customers Oct. 3 Cash 4094000 4094000 Accounts Receivable (Collection on account)