For each transaction, prepare a journal entry to record the transaction. (Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.Record journal entries in the order presented in the problem. List all debit entries before credit entries.)DateAccount TitlesIDebitCredit Blossom Electronics Store uses a perpetual inventory system. The company had the following transactions in March.Mar. 161825Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination.Blossom received an allowance of $850 for the merchandise purchased on March 16 because of minor damage to thegoods.Paid the balance due to Venus.

Journal entries for purchase of merchandise inventory involve recording transactions related to the…

Blossom Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18. 25 Blossom received an allowance of $850 for the merchandise purchased on March 16 because of minor damage to the goods. Paid the balance due to Venus.

Blossom Electronics Store uses a perpetual inventory system. The company had the following transactions in March. Mar. 16 Purchased $12,600 of merchandise from Venus Distributors, terms 2/10, n/30, FOB destination. 18. 25 Blossom received an allowance of $850 for the merchandise purchased on March 16 because of minor damage to the goods. Paid the balance due to Venus.

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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