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Current Attempt in Progress Oriole Publishing Co. publishes college and university textbooks that are sold...

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Accounting

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Current Attempt in Progress Oriole Publishing Co. publishes college and university textbooks that are sold to bookstores on the following terms. Each title has a foxed wholesale price, terms to.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 October 3,2023, $1,700,000 of the invoiced July sales were returned according to the return policy, and the remaining $17.300,000 was paid. Prepare the journal entries for the return and payment. (Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

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