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Prepare Pearl journal entries to record the returns

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Reference no: EM132730208

Question - On July 10, 2020, Pearl Ltd. sold GPS systems to retailers on account for a selling price of $840,000 (cost $672,000). Pearl 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 Pearl and were granted credits of $77,000. The company follows IFRS.

Required -

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

2. Prepare Pearl's journal entries to record the $77,000 of actual returns on October 10, 2020.

Reference no: EM132730208

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