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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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