On July 10, 2017, Ivanhoe Music sold CDs to retailers on account and recorded sales revenue of $647,000 (cost $517,600). Ivanhoe 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, 2017, retailers returned CDs to Ivanhoe and were granted credit of $73,900 Prepare Ivanhoe's journal entries to record (a) the sale on July 10, 2017, and (b) $73,900 of returns on October 11, 2017, and on October 31,2017. Assume that Ivanhoe prepares financial statement on October 31, 2017. (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 Credit (a) Jul. 10, 2017 (To record sales) To record cost of goods sold) (b) Oct. 11,2017 To record sales returns To record cost of goods returned) Oct. 31, 2017