On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, n/30. Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19, Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is correct Prepare separate entries for each transaction on the books of Kingbird Company Of no entry is required, select "No Entry for the account titles and enter O for the amounts Credit occount titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Account Titles and Explanation Date Debit Credit
On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, n/30. Kingbird pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19, Kingbird Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Your answer is correct Prepare separate entries for each transaction on the books of Kingbird Company Of no entry is required, select "No Entry for the account titles and enter O for the amounts Credit occount titles are automatically Indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Account Titles and Explanation Date Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer both part a and b
please answer within the format by providing formula the detailed working
Please provide answer in text (Without image)
Please provide answer in text (Without image)
Please provide answer in text (Without image)
![Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Kingbird on June 10 cost
Blossom $3,300, and the goods returned cost Blossom $210. (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. Record journal entries
in the order presented in the problem. List all debit entries before credit entries.)
Date
June 10 V
June 11 V
June 12 V
ine 19 V
Account Titles and Explanation
Accounts Receivable
Sales Revenue
(To record credit sale)
No Entry
No Entry
(To record cost of goods sold)
Sales Returns and Allowances
Accounts Receivable
Inventory
(To record credit for receipt of goods returned)
(To record cost of goods returned)
Cash
Sales Discounts
Accounts Receivable
Debit
8200
400
210
7488
312
Credit
8200
400
210
7800](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f9ab4d5-fd75-4b09-8c85-55b02c367958%2F61f579d7-9853-48e6-b092-4323bc5c47f5%2Fszqz09_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Kingbird on June 10 cost
Blossom $3,300, and the goods returned cost Blossom $210. (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. Record journal entries
in the order presented in the problem. List all debit entries before credit entries.)
Date
June 10 V
June 11 V
June 12 V
ine 19 V
Account Titles and Explanation
Accounts Receivable
Sales Revenue
(To record credit sale)
No Entry
No Entry
(To record cost of goods sold)
Sales Returns and Allowances
Accounts Receivable
Inventory
(To record credit for receipt of goods returned)
(To record cost of goods returned)
Cash
Sales Discounts
Accounts Receivable
Debit
8200
400
210
7488
312
Credit
8200
400
210
7800
![On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, n/30. Kingbird
pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19, Kingbird
Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a)
Your answer is correct.
Prepare separate entries for each transaction on the books of Kingbird Company (if no entry is required, select "No Entry" for the
account titles and enter O for the amounts. Credit occount titles are automatically Indented when amount is entered. Do not indent
manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Date
the 10 V
ne 11 V
ne 12 V
the 19 V
Inventory
Accounts Payable
Inventory
Cash
Accounts Payable
Inventory
Accounts Payable
Inventory
Cash
#200
410
400
7800
Credit
8200
410
400
312
7488](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4f9ab4d5-fd75-4b09-8c85-55b02c367958%2F61f579d7-9853-48e6-b092-4323bc5c47f5%2Fu87b52e_processed.jpeg&w=3840&q=75)
Transcribed Image Text:On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, n/30. Kingbird
pays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19, Kingbird
Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system.
(a)
Your answer is correct.
Prepare separate entries for each transaction on the books of Kingbird Company (if no entry is required, select "No Entry" for the
account titles and enter O for the amounts. Credit occount titles are automatically Indented when amount is entered. Do not indent
manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Date
the 10 V
ne 11 V
ne 12 V
the 19 V
Inventory
Accounts Payable
Inventory
Cash
Accounts Payable
Inventory
Accounts Payable
Inventory
Cash
#200
410
400
7800
Credit
8200
410
400
312
7488
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