Sweet Company is presently testing a number of new agricultural seed planters that it has recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Sweet estimates returns of 15%. Sweet sells these planters on account for $1,630,000 (cost $733,500) on January 2, 2020. Customers are required to pay the full amount due by March 15, 2020. Required:
Prepare the journal entry for Bridgeport at January 2, 2020.

January 2, 2020

Dr Accounts Receivable $1,630,000

Cr Sales Revenue $1,630,000

Dr Cost of Goods Sold $733,500

Cr Inventory $733,500

Explanation:

Preparation of the journal entry for Bridgeport at January 2, 2020

January 2, 2020

Dr Accounts Receivable $1,630,000

Cr Sales Revenue $1,630,000

(To recognize revenue)

Dr Cost of Goods Sold $733,500

Cr Inventory $733,500

(To record cost of goods sold)

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