please solve within $2$ hours $if$ possible Your answer $is$ partially correct.

Prepare Ivanhoe's journal entries $to$ record the $$68,000of$ actual returns $on$ October $10,2023.(Credit$ account titles are

automatically indented when the amount $is$ entered. $Do$ not indent manually. $Ifno$ entry $is$ required, select $"No$ Entry" for the account tities

and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Account Titles and Explanation

$10,2023$

$(To$ record returns from customers$)$

$10,2023$

Sales Returns and Allowances

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

$10,2023$

Sales Revenue

$(To$ adjust refund liability for end $of$ right $of$ return$)$

$10,2023$

$(To$ adjust cost $of$ goods sold for end $of$ right $of$ return$)On$ July $10,2023,$ Ivanhoe $Ltd.$ sold $GPS$ systems $to$ retailers $on$ account for a selling price $of$ $$660,000$$$528,00015\%.By$ October $11,2023,$ following the collection $on$ account, retailers returned systems $to$ lvanhoe and were granted credits

$of$ $$68,000.$ The company follows IFRS.

$(a)$

Your answer $is$ correct.

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. $Ifno$ entry $is$ required, select $"No$ Entry" for the account titles and enter Ofor the amounts. List

all debit entries before credit entries.$)$

Date

uly $10,2023$

Account Titles and Explanation

Accounts Recelvable

Sales Revenue

Refund Llabllity

$(To$ record sale$)$

uly $10,2023$

Cost $of$ Goods Sold

Estimated Inventory Returns

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

Debit

Credit

$528000$

eTextbook and Media

List $of$ Accounts