On July $10,2023,$ Ivanhoe Ltd$.$ sold GPS systems to retailers on account for a selling price of $$660,000($cost $$528,000).$ Ivanhoe 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 $11,2023,$ following the collection on account, retailers returned systems to Ivanhoe and were granted credits of $$68,000.$ The company follows ASPE.

$($a$)$

Prepare Ivanhoe's journal entries to record the sale on July $10,2023.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

July $10,2023q,$

$($To record sale on account$)$

July $10,2023q,$

$q,$

$($To accrue for sales returns$)$

July $10,2023$

$$

$($To record cost of goods sold$)$