Please answer both part a and b please answer within the format by providing formula the detailed workingPlease 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 costBlossom $3,300, and the goods returned cost Blossom $210. (If no entry is required, select "No entry" for the account titles and enter 0for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entriesin the order presented in the problem. List all debit entries before credit entries.)DateJune 10 VJune 11 VJune 12 Vine 19 VAccount Titles and ExplanationAccounts ReceivableSales Revenue(To record credit sale)No EntryNo Entry(To record cost of goods sold)Sales Returns and AllowancesAccounts ReceivableInventory(To record credit for receipt of goods returned)(To record cost of goods returned)CashSales DiscountsAccounts ReceivableDebit82004002107488312Credit82004002107800 On June 10, Kingbird Company purchased $8,200 of merchandise from Blossom Company, on account, terms 4/10, n/30. Kingbirdpays the freight costs of $410 on June 11. Goods totaling $400 are returned to Blossom for credit on June 12. On June 19, KingbirdCompany 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 theaccount titles and enter O for the amounts. Credit occount titles are automatically Indented when amount is entered. Do not indentmanually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)Account Titles and ExplanationDebitDatethe 10 Vne 11 Vne 12 Vthe 19 VInventoryAccounts PayableInventoryCashAccounts PayableInventoryAccounts PayableInventoryCash#2004104007800Credit82004104003127488

The journal entries are prepared to record the transactions on regular basis. The cost of goods sold…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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