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On July 10, 2017, Sunland Music sold CDs to retailers on account and recorded sales revenue of $636,000 (cost $496,080). Sunland 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, 2017, retailers returned CDs to Sunland and were granted credit of $77,100.
Prepare Sunland's journal entries to record (a) the sale on July 10, 2017, and (b) $77,100 of returns on October 11, 2017, and on October 31, 2017. Assume that Sunland prepares financial statement on October 31, 2017
Who won (which type do we use today in the US)? What events helped (led up to) thedecision?
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The Dallas plant of Oscar Chemical processes talphazine into zetazine and gammazine. A batch comprises of 20,000 gallons of talphazine, costing $11,000.
The value of undamaged inventory counted was $4,000. Historically Alcorn's gross margin percentage has been approximately 25 percent of sales.
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