Reference no: EM132697582
Question - Ivanhoe Publishing Co. publishes college textbooks that are sold to bookstores on the following terms. Each title has a fixed wholesale price, terms f.o.b. shipping point and payment is due 60 days after shipment. The retailer may return a maximum of 30% of an order at the retailer's expense. Sales are made only to retailers who have good credit ratings. Past experience indicates that the normal return rate is 12% and the average collection period is 72 days. The company follows IFRS.
Required -
a) On August 8, 2020, Ivanhoe shipped books invoiced at $18,000,000 (cost $14,000,000). Prepare the journal entry to record this transaction, including the expected returns.
b) On October 3, 2020, $1,700,000 million of the invoiced July sales were returned according to the return policy, and the remaining $16,300,000 million was paid. Prepare the journal entries for the return and payment.
c) On August 8, 2020, Ivanhoe shipped books invoiced at $18,000,000 (cost $14,000,000). Prepare the journal entry to record this transaction, including the expected returns. Ivanhoe follows ASPE.
d) On October 3, 2020, $1,700,000 million of the invoiced July sales were returned according to the return policy, and the remaining $16,300,000 million was paid. Prepare the journal entries for the return and payment. Ivanhoe follows ASPE.
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