The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $499,800 of merchandise to Sunland Co., terms 2/10, n/30. The cost of the merchandise sold was $317,400. 2. On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. (a) Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount (To record credit sale) Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) 2. Choose a transaction date for number 2 Enter an account title for the third journal entry enter a debit amount enter a credit amount Enter an account title for the third journal entry enter a debit amount enter a credit amount 3. Dec. 13 Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b) Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount

The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $499,800 of merchandise to Sunland Co., terms 2/10, n/30. The cost of the merchandise sold was $317,400. 2. On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. (a) Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount (To record credit sale) Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount (To record cost of merchandise sold) 2. Choose a transaction date for number 2 Enter an account title for the third journal entry enter a debit amount enter a credit amount Enter an account title for the third journal entry enter a debit amount enter a credit amount 3. Dec. 13 Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b) Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount

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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Question

The following transactions are for Blossom Company.

1.		On December 3, Blossom Company sold $499,800 of merchandise to Sunland Co., terms 2/10, n/30. The cost of the merchandise sold was $317,400.
2.		On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3.
3.		On December 13, Blossom Company received the balance due from Sunland Co.

(a)

Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Choose a transaction date for number 1	Enter an account title for journal entry 1 to record credit sale	enter a debit amount	enter a credit amount
		Enter an account title for journal entry 1 to record credit sale	enter a debit amount	enter a credit amount
		(To record credit sale)
		Enter an account title for journal entry 2 to record cost of merchandise sold	enter a debit amount	enter a credit amount
		Enter an account title for journal entry 2 to record cost of merchandise sold	enter a debit amount	enter a credit amount
		(To record cost of merchandise sold)
2.	Choose a transaction date for number 2	Enter an account title for the third journal entry	enter a debit amount	enter a credit amount
		Enter an account title for the third journal entry	enter a debit amount	enter a credit amount
3.	Dec. 13	Enter an account title for the journal entry on December 13	enter a debit amount	enter a credit amount
		Enter an account title for the journal entry on December 13	enter a debit amount	enter a credit amount
		Enter an account title for the journal entry on December 13	enter a debit amount	enter a credit amount

(b)

Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount

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The following transactions are for Blossom Company.

On December 3, Blossom Company sold $510,000 of merchandise to Crane Co. on account. The cost of the merchandise sold was $336,600.

On December 8, Crane Co. returned $25,500 of merchandise purchased on December 3. The cost of the goods was $16,320.

On December 13, Blossom Company received the balance due from Crane Co.

Prepare a tabular summary to record these transactions for Blossom Company using a perpetual inventory system.

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