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Question 3 of 3 0.31/15 View Policies Show Attempt History Current Attempt in Progress Oriole Publishers sells textbooks to universities across Canada On July 10, 2021, Oriole entered into a contract with Hinton University to supply 690 accounting textbooks at a price of $100 per book to be paid on September 25, 2021. The books cost Oriole $75 each. Oriole's return policy states that any unsold books can be returned within 90 days of delivery. The books were delivered on August 25.2021. Oriole estimates returns at 10% of sales. Hinton returns 23 books on September 15, 2021, and 46 books on September 30, 2021 Your answer is incorrect Determine the transaction price Transaction price $ Your answer is incorrect On what date should revenue be recognized? Revenue should be recoenized on e Textbook and Media List of Accounts Date Account Titles and Explanation Debit Credit tt 25 2021 Accounts Receivable 74520 Refund Liability 7 Sales 67 To record sales on account) 25, 2021 5175 Cost of Goods Sold 46575 51 Merchandise inventary To record cost of goods sold) Refund Liability mber 15, 2021 2484 Accounts Receivable (To record credit for goods returned.) Merchandise inventory mber 15,2021 1725 (To record credit for goods returned) mber 25 2021 Cash 72036 Accounts Receivable 72 (Collection on account.) mber 30, 2021 4968 Cash (To record cash refund for goods returned.) Merchandise Inventory mber 30, 2021 3450 To record cost of goods returned) e Textbook and Media List of Accounts