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On May 15,2023 , Oriole Ltd. sold conveyor systems to Blue Spruce Inc. on account for a selling price of $471,000 (cost $296,730 ) terms
On May 15,2023 , Oriole Ltd. sold conveyor systems to Blue Spruce Inc. on account for a selling price of $471,000 (cost $296,730 ) terms n/30. Oriole grants the right to return systems that do not sell within two months following delivery. Past experience indicates that the normal return rate is 10%. On July 11,2023 , Blue Spruce returned systems to Oriole and was granted credits of $36,400. By the time Blue Spruce returned the systems, Oriole's account had been paid in full. (a) Assuming Oriole follows IFRS, prepare Oriole's journal entries to record the sale on May 15, 2023, including any expected returns. (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 0 for the amounts. List all debit entries before credit entries.)
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