Blossom Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Whispering Winds Ltd. for $22,400, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $560 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,000. 8 Returned merchandise to Whispering Winds and received a credit of $2,800. The merchandise was returned to inventory for future resale. Paid the amount due to Whispering Winds in full. 30 1. The cost of the merchandise sold on April 3 was $15,200. Whispering Winds expected a return rate of 15%. The cost of the merchandise returned on April 8 was $1,840. 2. 3. Whispering Winds uses a perpetual inventory system. Record the transactions in the books of Whispering Winds. (List all debit entries before credit entries. 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 O for the amounts.)

Blossom Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from Whispering Winds Ltd. for $22,400, terms n/30, FOB shipping point. 6 The appropriate company paid freight costs of $560 on the merchandise purchased on April 3. 7 Purchased supplies on account for $4,000. 8 Returned merchandise to Whispering Winds and received a credit of $2,800. The merchandise was returned to inventory for future resale. Paid the amount due to Whispering Winds in full. 30 1. The cost of the merchandise sold on April 3 was $15,200. Whispering Winds expected a return rate of 15%. The cost of the merchandise returned on April 8 was $1,840. 2. 3. Whispering Winds uses a perpetual inventory system. Record the transactions in the books of Whispering Winds. (List all debit entries before credit entries. 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 O for the amounts.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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