Record journal entries for the following purchase transactions of Flower Company.Oct. 13Purchased 81 bushels of flowers with cash for $1,300.Oct. 20Purchased 220 bushels of flowers for $30 per bushel oncredit. Terms of the purchase are 5/10, n/30, invoicedated October 20.Oct. 30 Paid account in full from the October 20 purchase.If an amount box does not require an entry, leave it blank. Assume the perpetualinventory system is used.Oct. 13Oct. 20Oct. 30Accounts ReceivableAccounts PayableCost of Goods SoldCashSales Returns and AllowancesII IIIII II

Introduction: Journals: Recording of a business transactions in a chronological order. First step in the preparation of final accounts is recording journals.Journal entries:

Business

Accounting

Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Paid account in full from the October 20 purchase. Oct. 30 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Record journal entries for the following purchase transactions of Flower Company. Oct. 13 Purchased 81 bushels of flowers with cash for $1,300. Oct. 20 Purchased 220 bushels of flowers for $30 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Paid account in full from the October 20 purchase. Oct. 30 If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

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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