On July 10, 2020, Amodt Music sold CDs to retailers on account and recorded sales revenue of $700,000 (cost $560,000). Amodt 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 Amodt and were granted credit of $78,000. Prepare Amodt's journal entries to record (a) the sale on July 10, 2020, and (b) $78,000 of returns on October 11, 2020, and on October 31, 2020. Assume that Amodt 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 for the amounts.) Date Account Titles and Explanation Debit Credit Jul. 10, 2020 Accounts Receivable 700000 Sales Revenue 700000 (To record sales) Cost of Goods Sold 560000 Inventory 560000 (To record cost of goods sold) Oct. 11, 2020 Sales Returns and Allowances 78000 Accounts Receivable 78000 (To record sales returns) Returned Inventory 78000 Cost of Goods Sold 84000 (To record cost of goods returned) Oct. 31, 2020 V no entry 0 no entry