Question 23 On July 10, 2017, Sunland Music sold CDs to retailers on account and recorded sales revenue of $749,000 (cost $584,220). Sunland grants the right to return CDs that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2017, retailers returned CDs to Sunland and were granted credit of $78,300. Prepare Sunland's journal entries to record (a) the sale on July 10, 2017, and (b) $78,300 of returns on October 11, 2017, and on October 31, 2017. Assume that Sunland prepares financial statement on October 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) No. Date Account Titles and Explanation Debit Credit (a) Jul 10, 2017 (To record sales) (To record cost of goods sold) (b) Oct. 11, 2017 (To record sales returns) (To record cost of goods returned) Oct. 31, 2017