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  3. on july 10,2025, oriole music sold cds to retalile

On July 10,2025, Oriole Music sold CDs to retalilers on account and recorded sales revenue...

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Accounting

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On July 10,2025, Oriole Music sold CDs to retalilers on account and recorded sales revenue of $636,000(cost$540,600). Oriole grants the right to return CD s that do not sell in 3 months following delivery. Past experience indicates that the normal return rate is 15\%. By Octaber 11,2025, retallers returned CDs to Oriole and were granted credit of $81,800. Prepare Oriole's journal entries to record (a) the sale on July 10, 2025, and (b) 581,800 of returnson October 11, 2025, and on October 31. 2025. Assume that Oriole prepares financial statements on October 31, 2025. (Credit account titles are automatically indented when amount is entered Do not indent manuath, If no entry ls required, select "No entry" for the actount titles and enter Of or the amounts (ist all debit entries before credit entries) (To record cost of goods sold) (b) (To record sales returns) (To record cost of goods returned)

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