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On July 10, 2020, Blue Music sold CDs to retailers on account and recorded sales revenue of $636,000 (cost $496,080). Blue 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 October 11, 2020, retailers returned CDs to Blue and were granted credit of $77,100.
Problem 1: Prepare Blue's journal entries to record (a) the sale on July 10, 2020, and (b) $77,100 of returns on October 11, 2020, and on October 31, 2020. Assume that Blue prepares financial statement on October 31, 2020. (Credit account titles are automatically indented when 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.)
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
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