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Prepare the journal entries for the return and payment

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Reference no: EM132825195

Oriole Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point, and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12% and the average collection period is 72 days. The company follows IFRS.

  • On August 8, 2020, Oriole shipped books invoiced at $30,000,000 (cost $24,000,000). Prepare the journal entry to record this transaction, including the expected returns.
  • On October 3, 2020, $1,400,000 million of the invoiced July sales were returned according to the return policy, and the remaining $28,600,000 million was paid. Prepare the journal entries for the return and payment.
  • On August 8, 2020, Oriole shipped books invoiced at $30,000,000 (cost $24,000,000). Prepare the journal entry to record this transaction, including the expected returns. Oriole follows ASPE.
  • On October 3, 2020, $1,400,000 million of the invoiced July sales were returned according to the return policy, and the remaining $28,600,000 million was paid.

Problem 1: Prepare the journal entries for the return and payment. Oriole follows ASPE.

Reference no: EM132825195

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