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On July 10, 2020, Buffalo Ltd. sold GPS systems to retailers on account for a selling price of $960,000 (cost $768,000). Buffalo grants the right to return systems that do not sell in three months following delivery. Past experience indicates that the normal return rate is 15%. By October 11, 2020, retailers returned systems to Buffalo and were granted credits of $83,000. The company follows ASPE.
Question 1: do Buffalo's journal entries to record the sale on July 10, 2020
Question 2: do Buffalo's journal entries to record the $83,000 of actual returns on October 10, 2020
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