xercise 6-11 c-e2 andhill Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title as a fixed wholesale price, terms fo.b. 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 ood credit ratings. Past experience indicates that the normal return rate is 12% and the average collection eriod is 72 days. The company follows IFRS. On October 3, 2020, $1,200,000 million of the invoiced July sales were returned according to the return policy, and the remaining $22,800,000 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 tities and enter o for the amounts. Round answers to o decimal palces, e.g. 5,275.) Debit Date Account Titles and Explanation October 3, 2020 Credit (To record return from customer) October 3, 2020 (To record return of inventory) October 3, 2020 (To record collection on account)