On July 10, 2023, Oriole Ltd. sold GPS systems to retailers on account for a selling...

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On July 10, 2023, Oriole Ltd. sold GPS systems to retailers on account for a selling price of $900,000 (cost $720,000). Oriole 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 Oriole and were granted credits of $80,000. The company follows IFRS. (a) Prepare Oriole'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 O for the amounts. List all debit entries before credit entries.) On July 10, 2023, Oriole Ltd. sold GPS systems to retailers on account for a selling price of $900,000 (cost $720,000). Oriole 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 Oriole and were granted credits of $80,000. The company follows IFRS. (a) Prepare Oriole'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 O for the amounts. List all debit entries before credit entries.)