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The question has 4 parts please answer all. Do not waste my question chances. Answer correcly if you do not know leave it please.
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Wildhorse Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price terms fob 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. On August 8, 2020. Wildhorse shipped books invoiced at $36,000,000 (cost $29,000,000). Prepare the journal entry to record this transaction, including the 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 for the amounts.) Date Credit Debit Account Titles and Explanation August 2020 Accounts Receivable (To record sale on account) August 8, 2020 Cost of Goods Sold (To record cost of goods sold) eTextbook and Media List of Accounts On October 3, 2020, 51,300,000 million of the invoiced July sales were returned according to the return policy, and the remaining $34.700.000 milion was paid. Prepare the journal entries for the return and payment. (Credit account titles ore 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 for the amounts. Round answers to decimal palces, eg, 5.275) Date On October 3, 2020, $1,300,000 million of the invoiced July sales were returned according to the return policy, and the remaining $34,700.000 million 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 for the amounts. Round answers to decimal palces, eg 5.275) Date Account Titles and Explanation Debit Credit October 3, 2020 Sales Returns and Allowances 1300000 Accounts Receivable 1300000 (To record return from customer) October 3.2020 Inventory 1047222 Cost of Goods Sold 1047222 (To record return of inventory) October 3.2020 Cash 34700000 Accounts Receivable 34700000 (To record collection on account) eTextbook and Media List of Accounts On August 8, 2020. Wildhorse shipped books invoiced at $36.000.000 (cost $29.000.000). Prepare the journal entry to record this transaction, including the expected returns Wildhorse follows ASPE. (Credit account titles are automatically indented when the amount's entered. Do not indent manuallye f no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation August 8 2020 (To record sale on account) August 2020 (To accrue for sales returns) US August 2020 (To record cost of goods sold) e Textbook and Media List of Accounts On October 3 2020.$1.300,000 million of the invoiced July sales were returned according to the return policy, and the remaining $34,700.000 million was paid. Prepare the journal entries for the return and payment Wildhorse follows ASPE (Credit account tities 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 for the amounts) Date Account Titles and Explanation Debit Credit October 3,2020 (To record return from customer) October 3, 2020 (To record return of inventory) October 3.2020 (To record collection on account) Step by Step Solution
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