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Prepare sunlands journal entries to record

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Reference no: EM131695929

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

Reference no: EM131695929

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