q22b

Ivanhoe Growth Company is testing a number of new agricultural secds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the uncenditional right to return these products if not fully satisfied. The right of return extends for four months, Ivanhoe Growth sells these seeds on account for $2.000,000 (cost $800,000 ) on April 2. 2023. Customers are required to pay the full amount due by June 15, 2023. The compamy follows IFRS. (a) Your answer has been saved. See score details after the due date. Prepare the journal entry for Ivanhoe Growth at April 2, 2023, assuming Ivanhoe Growth estimates returns of 20% based on prior experience. (Credit account tities are automatically indented when the amount is entered. Do not indent manuolly If no entry is required, select "No Entry" for the account tities and enter O for the amounts List all debit entries before credit entries) Question 22 of 25 Date Account Titles and Explanation April 2,2023. Aceousits Becowalie. Aetind tabainy Sales Rivenue (To record sale on account) April 2. 2023 Cost ar Goods sold Estimated leweatory Returm loventary (To record cost of goods sold) Assume that one customer returns the seeds on July 1.2023. Prepare the journal entry to record this transaction, assuming this customer purchased $150,000 of seeds from Ivanhoe Growth and paid by June 15. (Credit ocoount titler are automatically indented when the amount is entered. Do not indent manualiy. If no entry is required, select "No Entry' for the account tities and enter of for the amounts List all debit entries before credit entries. Round answers to o decimal ploces, es. 5.275.)