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On July 10, 2023, Pharoah Ltd. sold GPS systems to retailers on account for a selling price of $920,000 (cost $736,000). Pharoah grants the right
On July 10, 2023, Pharoah Ltd. sold GPS systems to retailers on account for a selling price of $920,000 (cost $736,000). Pharoah 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 Pharoah and were granted credits of $81,000. The company follows IFRS. (3) Prepare Pharoah's journal entries to record the sale on July 10, 2023. (Credit account tities are automatically indented when the amount is entered. Do not indent mianualing If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List. all debit entries before credit entries)
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