Answer:
March 2
Account Receivable : Blossom Company $928,000 (debit)
Cost of Goods Sold $626,400 (debit)
Sales Revenue $928,000 (credit)
Merchandise Inventory $626,400 (credit)
<em>Sale of Merchandise to Blossom Company on credit</em>
March 6
Sales Revenue $$162,400 (debit)
Merchandise Inventory $109,040 (debit)
Account Receivable : Blossom Company $162,400 (credit)
Cost of Goods Sold $109,040 (credit)
<em>Merchandise returned by Blossom Company</em>
March 12
Cash $765,600 (debit)
Account Receivable : Blossom Company $765,600 (credit)
<em>Blossom Company pays for the Account owing</em>
Explanation:
Perpetual Inventory method recalculates the value of goods held after each transaction.
See the Journals and narrations i have prepared above.