Blossom Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Blossom Growth sells these seeds on account for $2.050,000 (cost $820,000) on April 2, 2023. Customers are required to pay the full amount due by June 15, 2023. The company follows IFRS. (a) Prepare the journal entry for Blossom Growth at April 2, 2023, assuming Blossom Growth estimates returns of 20% based on prior experience. (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. List all debit entries before credit entries) Account Titles and Explanation Debit Date Credit

Blossom Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Blossom Growth sells these seeds on account for $2.050,000 (cost $820,000) on April 2, 2023. Customers are required to pay the full amount due by June 15, 2023. The company follows IFRS. (a) Prepare the journal entry for Blossom Growth at April 2, 2023, assuming Blossom Growth estimates returns of 20% based on prior experience. (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. List all debit entries before credit entries) Account Titles and Explanation Debit Date Credit

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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Question

N3.

Blossom Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has
decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return
extends for four months. Blossom Growth sells these seeds on account for $2,050,000 (cost $820,000) on April 2, 2023. Customers
are required to pay the full amount due by June 15, 2023. The company follows IFRS.
(a)
Prepare the journal entry for Blossom Growth at April 2, 2023, assuming Blossom Growth estimates returns of 20% based on
prior experience. (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. List all debit entries before credit entries.)
Date Account Titles and Explanation
Debit
Credit

Prepare the journal entry for Blossom Growth at April 2, 2023, assuming Blossom Growth estimates returns of 20% based on
prior experience. (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. List all debit entries before credit entries.)
Account Titles and Explanation
Date
April 2, 2023
April 2, 2023
(To record sale on account)
(To record cost of goods sold)
Debit
Credit

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