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On 10 July 2021, Pop Music sold CDs to retailers on account and recorded sales...

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Accounting

On 10 July 2021, Pop Music sold CDs to retailers on account and recorded sales revenue of $700,000 (cost $560,000). Pop 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 11 October 2021, retailers returned CDs to Pop and were granted credit of $78,000. Required: Prepare Pops journal entries to record (a) the sale on 10 July 2021, and (b) $78,000 of returns on 11 October 2021.

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