On May $15,2023,$ Sandhill Ltd$.$ sold conveyor systems to Tamarisk Inc. on account for a selling price of $\backslash (\backslash$$ $459,000\backslash )($cost $\backslash (\backslash$$ $335,070\backslash ))$ terms $\backslash (\backslash$mathrm$\{$n$\}/30\backslash ).$ Sandhill grants the right to return systems that do not sell within two months following delivery. Past experience indicates that the normal return rate is $\backslash (10\backslash \%\backslash ).$ On July $11,2023,$ Tamarisk returned systems to Sandhill and was granted credits of $\backslash$$$36,400.$ By the time Tamarisk returned the systems, Sandhill's account had been paid in full. Assuming Sandhill follows IFRS, prepare Sandhill's journal entries to record the $\backslash (\backslash$$ $36,400\backslash )$ of actual returns on July $11,2023.($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.$)$

Account Titles and Explanation

Accounts Receivable

$($To record returns from customers.$)$

July $11,2023$

Cost of Goods Sold

$($To record return of inventory.$)$

July $11,2023$

$($To adjust refund liability for end of right of return.$)$ Assuming Sandhill follows ASPE, prepare Sandhill's journal entries to record the sale on May $15,2023,$ including any expected returns. $($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.$)$

Account Titles and Explanation

May $15,2023$

Accounts Receivable

$($To record sale on account.$)$

May $15,2023$

$($To accrue for sales returns.$)$

May $15,2023$

Cost of Goods Sold

$($To record cost of goods sold.$)$ Assuming Sandhill follows ASPE, prepare Sandhill's journal entries to record the $\backslash$$$36,400$ of actual returns on July $11,2023.($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.$)$

Account Titles and Explanation

July $11,2023$

Sales Returns and Allowances

Accounts Receivable

$($To record return from customer.$)$

July $11,2023$

$($To record return of inventory.$)$

July $11,2023$

$($To adjust allowance for sales returns and allowance for the end of right of return.$)$ July $11,2023$

$($To adjust cost of goods sold for end of right of return.$)$