On July 10, 2023, Wildhorse Ltd. sold GPS systems to retailers on account for a selling price of $1,020,000 (cost $816,000). Wildhorse 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 Wildhorse and were granted credits of $86,000. The company follows ASPE. (a) - Your answer is partially correct. Prepare Wildhorse's journal entries to record the sale on July 10, 2023. (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 enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation ly 10, 2023 Accounts Receivable Sales Revenue (To record sale on account) ly 10, 2023 Refund Liability Accounts Receivable (To accrue for sales returns) ly 10, 2023 Cost of Goods Sold Debit 1020000 86000 693600 Estimated Inventory Returns 122400 Inventory (To record cost of goods sold) Credit 1020000 86000 816000