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On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $354,400. Blossom paid $810 for freight charges. Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Date Account Titles and Explanation   Debit Credit Dec. 03                     (To record credit sale)       Dec. 03                     (To record cost of merchandise sold)       Dec. 03                     (To record payment of freight on goods sold)

On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $354,400. Blossom paid $810 for freight charges. Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)  Date Account Titles and Explanation   Debit Credit Dec. 03                     (To record credit sale)       Dec. 03                     (To record cost of merchandise sold)       Dec. 03                     (To record payment of freight on goods sold)

FINANCIAL ACCOUNTING
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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On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $354,400. Blossom paid $810 for freight charges.

Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 

Date
Account Titles and Explanation
  
Debit
Credit
Dec. 03
 
  
 
 
 
 
  
 
 
 
(To record credit sale)
      
Dec. 03
 
  
 
 
 
 
  
 
 
 
(To record cost of merchandise sold)
      
Dec. 03
 
  
 
 
 
 
  
 
 
 
(To record payment of freight on goods sold)
    

 

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