The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500. 2. On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. 3. On December 13, Kingbird Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird 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 Dec. 3Dec. 8Dec. 13Jan. 2 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 sale of merchandise on account) Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 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 on account) 2. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 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. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2 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 Kingbird Company received the balance due from Blossom 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 Jan. 2 enter an account title enter a debit amount

The following transactions are for Kingbird Company. 1. On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500. 2. On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. 3. On December 13, Kingbird Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird 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 Dec. 3Dec. 8Dec. 13Jan. 2 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 sale of merchandise on account) Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2 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 on account) 2. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 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. Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2 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 Kingbird Company received the balance due from Blossom 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 Jan. 2 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

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

The following transactions are for Kingbird Company.

1.		On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500.
2.		On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3.
3.		On December 13, Kingbird Company received the balance due from Blossom Co.

(a)

Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird 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

Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2

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 sale of merchandise on account)

Choose a transaction date for number 1 Dec. 3Dec. 8Dec. 13Jan. 2

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 on account)

Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 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

Choose a transaction date for number 2 Dec. 3Dec. 8Dec. 13Jan. 2

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 Kingbird Company received the balance due from Blossom 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
Jan. 2	enter an account title	enter a debit amount

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.