On October 5, Blossom Company sells merchandise to Pina Company for $5,400, terms 2/10, n/30. The cost of the merchandise sold is $3,410. On October 7, Pina Company returns defective goods with a selling price of $650 and a fair value of $105. On October 11, Blossom Company receives the balance due from Pina Company. Record the October 7 and October 11 transactions on the books of Blossom Company using the perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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On October 5, Blossom Company sells merchandise to Pina Company for $5,400, terms 2/10, n/30. The cost of the merchandise sold is $3,410. On October 7, Pina Company returns defective goods with a selling price of $650 and a fair value of $105. On October 11, Blossom Company receives the balance due from Pina Company.

Record the October 7 and October 11 transactions on the books of Blossom Company using the perpetual inventory system. (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
   
 
 
   
 
 
       
   
 
 
   
 
 
       
   
 
 
   
 
 
 
 
 
 
 
 
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