Oriole Publishing Co$.$ publishes college and university textbooks that are sold to bookstores on the following terms. Each title has a

fixed wholesale price, terms f$.$o$.$b$.$ shipping point, and payment is due $60$ days after shipment. The retailer may return a maximum of

$30\%$ of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that

the normal return rate is $12\%$ and the average collection period is $72$ days. The company follows IFRS.

$($c$)$

$($d$)$

On October $3,2023,$$$1,400,000$ of the invoiced July sales were returned according to the return policy, and the remaining

$$28,600,000$ was paid. Prepare the journal entries for the return and payment. $($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.$)$

Date

Account Titles and Explanation

October $3,2023$

October $3,2023$

Returned Inventory

Debit

Credit

Credit

Allowance for Sales Returns and Allowances

$($To record return from customer$)$

$($To record return of inventory$)$

October $3,2023$

$[$

$[$

$($To record collection on account$)$