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Prepare Bonita journal entries to record the sale on July

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Question - On July 10, 2020, Bonita Ltd. sold GPS systems to retailers on account for a selling price of $740,000 (cost $592,000). 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 $72,000. The company follows IFRS.

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

Prepare Bonita's journal entries to record the $72,000 of actual returns on October 10, 2020.

Reference no: EM132873684

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