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Prepare Marins journal entries to record the sale on July

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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.

Reference no: EM132497179

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