Islim Limited manufactures faux fur coats of all types and sizes that are sold to specialty stores
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(a) On July 1, 2017, Islim shipped faux furs invoiced at $3 million (cost $1.7 million). Prepare the journal entry to record this transaction.
(b) On October 3, 2017, $340,000 of the invoiced July sales were returned according to the return policy, and the remaining balances on account were paid. Prepare the journal entries for the return and collection.
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Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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