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Organic Growth Company is presently testing a number of new agricultural seeds that it has...

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Accounting

Organic Growth Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Organic Growth sells these seeds on account for $1,500,000 (cost $800,000) on January 2, 2014. Customers are required to pay the full amount due by March 15, 2014.

(c) Briefly describe the accounting for these sales if Organic Growth is unable to reliably estimate returns.

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