Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is $1,170 and the cost of the goods sold is $760. Both companies use perpetual inventory systems.Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Blossom     Enter an account title   Enter a debit amount   Enter a credit amount   Enter an account title   Enter a debit amount   Enter a credit amount         Kingbird     Enter an account title to record sale of merchandise   Enter a debit amount   Enter a credit amount   Enter an account title to record sale of merchandise   Enter a debit amount   Enter a credit amount   (To record sale of merchandise)     Enter an account title   Enter a debit amount   Enter a credit amount   Enter an account title   Enter a debit amount   Enter a credit amount

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is $1,170 and the cost of the goods sold is $760. Both companies use perpetual inventory systems.

Journalize the transactions on the books of both companies. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation
Debit
Credit
Blossom
   
Enter an account title
 
Enter a debit amount
 
Enter a credit amount
 
Enter an account title
 
Enter a debit amount
 
Enter a credit amount
 
     
Kingbird
   
Enter an account title to record sale of merchandise
 
Enter a debit amount
 
Enter a credit amount
 
Enter an account title to record sale of merchandise
 
Enter a debit amount
 
Enter a credit amount
 
(To record sale of merchandise)
   
Enter an account title
 
Enter a debit amount
 
Enter a credit amount
 
Enter an account title
 
Enter a debit amount
 
Enter a credit amount
 
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