PT Angkasa Jaya is currently testing a number of new agricultural seeds that it has just developed. To increase buyer in

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PT Angkasa Jaya is currently testing a number of new agricultural seeds that it has just developed. To increase buyer interest, it has decided to grant its five largest customers the right of unconditional returns on these products if the products are not satisfactory. The right of return is valid for 4 months. PT Angkasa Jaya estimates a return rate of 25%. PT Angkasa Jaya sold this planter on credit for $1,400,000 (50% fee) on January 2, 2022. The customer must pay the full amount due on March 15, 2022.
a. Journalize Organic Growth on January 2, 2022.
b. Assume that one customer returns seeds on March 1, 2022, due to unsatisfactory performance. Prepare journal entries to record this transaction, assuming this customer purchases $100,000 planters from PT Angkasa Jaya. Other receivables were successfully collected.
c. Assume PT Angkasa Jaya prepares financial reports every three months. Prepare the required entries (if any) to adjust PT Angkasa Jaya's financial results for the above transactions as of March 31, 2022, assuming an expected return of $200,000.