On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system (b) Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $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.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) enter an account title to record cost of goods returned enter a debit amount enter a credit amount enter an account title to record cost of goods returned enter a debit amount enter a credit amount (To record cost of goods returned) June 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

On June 10, Sunland Company purchased $7,800 of merchandise from Blossom Company, terms 4/10, n/30. Sunland Company pays the freight costs of $370 on June 11. Goods totaling $800 are returned to Blossom Company for credit on June 12. On June 19, Sunland Company pays Blossom Company in full, less the purchase discount. Both companies use a perpetual inventory system (b) Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $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.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) enter an account title to record cost of goods sold enter a debit amount enter a credit amount enter an account title to record cost of goods sold enter a debit amount enter a credit amount (To record cost of goods sold) choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date enter an account title to record credit sale enter a debit amount enter a credit amount enter an account title to record credit sale enter a debit amount enter a credit amount (To record credit sale) enter an account title to record cost of goods returned enter a debit amount enter a credit amount enter an account title to record cost of goods returned enter a debit amount enter a credit amount (To record cost of goods returned) June 19 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 7PA: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks...

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(b)

Prepare separate entries for each transaction for Blossom Company. The merchandise purchased by Blossom Company on June 10 cost McGiver $3,180, and the goods returned cost Blossom Company $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.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record credit sale)
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods sold	enter a debit amount	enter a credit amount
	(To record cost of goods sold)
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	enter an account title to record credit sale	enter a debit amount	enter a credit amount
	(To record credit sale)
	enter an account title to record cost of goods returned	enter a debit amount	enter a credit amount
	enter an account title to record cost of goods returned	enter a debit amount	enter a credit amount
	(To record cost of goods returned)
June 19	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

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