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Question - On July 10, 2017, Marin Music sold CDs to retailers on account and recorded sales revenue of $658,000 (cost $506,660). Marin 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 Marin and were granted credit of $80,000.
Prepare Marin's journal entries to record (a) the sale on July 10, 2017, and (b) $80,000 of returns on October 11, 2017, and on October 31, 2017. Assume that Marin prepares financial statement on October 31, 2017.
1. given the following information calculate the amount of cash finallly remitted by the customer on feb 212. vaughn
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