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On July 10,2020 , Bonita Ltd. sold GPS systems to retailers on account for a selling price of $1,020,000 (cost $816,000 ). Bonita grants the
On July 10,2020 , Bonita Ltd. sold GPS systems to retailers on account for a selling price of $1,020,000 (cost $816,000 ). Bonita grants the right to return 2 systems that do not sell in three months following delivery. Past experience indicates that the normal return rate is 15%. By October 11,2020 , retailers returned systems to Bonita and were granted credits of $86,000. The company follows ASPE. Instructions a) Prepare Bonita's journal entries to record the sale on July 10, 2020. (3 marks) b) Prepare Bonita's journal entries to record the $86,000 of actual returns on October 10,2020.(4 marks) Please use the space below to show support for your calculations. Enter any percents needed for calculations in the blue shaded area. Please provide your complete journal entries (omit explanations) in the table below. Accounts
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