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On July 10, 2020, ABCLtd. sold GPS systems to retailers on account for a selling...

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Accounting

On July 10, 2020, ABCLtd. sold GPS systems to retailers on account for a selling price of $700,000 (cost $560,000). ABC 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 ABC and were granted credits of $70,000. The company follows ASPE.

Prepare ABC journal entries to record the sale on July 10, 2020 & Prepare ABC journal entries to record the $70,000 of actual returns on October 10, 2020.

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