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Prepare pinas journal entries to record the sale on july 10

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Question

On July 10, 2017, Pina Music sold CDs to retailers on account and recorded sales revenue of $635,000 (cost $508,000). Pina 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 Pina and were granted credit of $82,700.

Prepare Pina's journal entries to record (a) the sale on July 10, 2017, and (b) $82,700 of returns on October 11, 2017, and on October 31, 2017. Assume that Pina prepares financial statement on October 31, 2017.

Reference no: EM132379092

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