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Prepare the journal entry for Oriole at January

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Question - Oriole Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Oriole sells these seeds on account for $1,400,000 (cost $700,000) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020.

Required - Prepare the journal entry for Oriole at January 2, 2020, assuming Natural Growth estimates returns of 20% based on prior experience.

Reference no: EM133051443

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