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On July 10,2023, Cullumber Ltd. sold GPS systems to retailers on account for a selling...

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Accounting

On July 10,2023, Cullumber Ltd. sold GPS systems to retailers on account for a selling price of $1,080,000(cost $864,000).
Cullumber grants the right to return systems that do not sell in three months following delivery. Past experience indicates that the
normal return rate is 15%. By October 11,2023, following the collection on account, retailers returned systems to Cullumber and
were granted credits of $89,000. The company follows IFRS.
(a)
Prepare Cullumber's journal entries to record the sale on July 10,2023.(Credit account titles are automatically indented when the
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List
all debit entries before credit entries.)
Date Account Titles and Explanation
Debit
Credit
July 10,2023
(To record sale)
July 10,2023
(To record cost of goods sold)
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