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. Assume that Amodt prepares financial statement on October 31, 2020. 1. Prepare Amodt's journal entries to record the sale on July 10, 2020 Accounts [Select] [Select] [Select] Journal Entry Debit V [Select] < [Select] Credit [Select] [Select] > [Select] 2. Prepare Amodt's journal entries to record $78,000 of returns (original cost $62.400) on October 11, 2020. Accounts > Journal entry Debit [Select] > Credit [Select] [Select] [Select] [Select] > > > [Select] > [Select] [Select]