Wildhorse Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each ! 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 Account Titles and Explanation Debit Credit August 8 2020 (To record sale on account) August 8 2020 (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 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 O for the amounts. Round answers to O decimal palces, eg 5,275) Date Account Titles and Explanation Debit Credit October 3. 2020 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.) Debit Credit Date Account Titles and Explanation October 3.2020 (To record return from customer) October 3.2020 (To record return of inventory) October 3. 2020 (To record collection on account) eTextbook and Media List of Accounts On August 8, 2020, Wildhorse shipped books involced 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 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) Account Titles and Explanation Debit Date August 2020 Credit (To record sale on account) 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 is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter for the amounts) Date Account Titles and Explanation Debit Credit August 8 2020 (To record sale on account) August 8, 2020 (To accrue for sales retums) August 8, 2020 (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 million was paid. Prepare the journal entries for the return and payment. Wildhorse follows ASPE. (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 Account Titles and Explanation Debit October 3. 2020 Credit On October 3, 2020, $1.300.000 million of the involced 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 titles are automatically indented when the amount is entered. Do not indent manually. I no entry is required, select "No Entry" for the account tities 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)
