Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
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
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
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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting for discounts
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS