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The following transactions are for Kingbird Company. 1. 2. 3. (a) On December 3, Kingbird Company sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $310,000. On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird Company. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. No. Date Account Titles and Explanation (To record sale of merchandise on account) Debit Cred

The following transactions are for Kingbird Company. 1. 2. 3. (a) On December 3, Kingbird Company sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $310,000. On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird Company. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) 1. No. Date Account Titles and Explanation (To record sale of merchandise on account) Debit Cred

FINANCIAL ACCOUNTING
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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The following transactions are for Kingbird Company. 1. 2. 3. (a) On December 3, Kingbird Company sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $310,000. On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird Company. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. 1. Date Account Titles and Explanation (To record sale of merchandise on account) Debit Cred
Transcribed Image Text:The following transactions are for Kingbird Company. 1. 2. 3. (a) On December 3, Kingbird Company sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $310,000. On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird Company. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. 1. Date Account Titles and Explanation (To record sale of merchandise on account) Debit Cred
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