On March 6, Ayayai Company returned $91,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $57,000 amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Credit (To record merchandise returned) Debit |||| ]]]]
On March 6, Ayayai Company returned $91,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $57,000 amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Credit (To record merchandise returned) Debit |||| ]]]]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On March 6, Ayayai Company returned $91,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $57,000.
amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)
Account Titles and Explanation
(To record merchandise returned)
(To record cost of merchandise returned)
Debit
Credit
Transcribed Image Text:Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system.
(a)
On March 2, Blossom Company sold $915,000 of merchandise on account to Ayayai Company, terms 2/10, n/30. The cost of the merchandise sold was $543,000.
indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
Credit
Account Titles and Explanation
(To record credit sale)
(To record cost of merchandise sold)
Debit
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