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Prepare Indigo journal entries to record the sale on July

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Question - On July 10, 2017, Indigo Music sold CDs to retailers on account and recorded sales revenue of $743,000 (cost $609,260). Indigo 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 Indigo and were granted credit of $73,900.

Prepare Indigo's journal entries to record (a) the sale on July 10, 2017, and (b) $73,900 of returns on October 11, 2017, and on October 31, 2017. Assume that Indigo prepares financial statement on October 31, 2017.

Reference no: EM132587168

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