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Prepare Grouper journal entries to record the sale

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Reference no: EM132468507

Question - On July 10, 2017, Grouper Music sold CDs to retailers on account and recorded sales revenue of $686,000 (cost $528,220). Grouper 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 Grouper and were granted credit of $75,900.

Required - Prepare Grouper's journal entries to record (a) the sale on July 10, 2017, and (b) $75,900 of returns on October 11, 2017, and on October 31, 2017. Assume that Grouper prepares financial statement on October 31, 2017.

Reference no: EM132468507

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