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Prepare bonita journal entries to record the sale on july

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On July 10, 2020, Bonita Ltd. sold GPS systems to retailers on account for a selling price of $880,000 (cost $704,000). Bonita 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, 2020, retailers returned systems to Bonita and were granted credits of $79,000. The company follows IFRS.

Problem (a) Prepare Bonita's journal entries to record the sale on July 10, 2020.

Reference no: EM132711109

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