On June 10, Blossom Company purchased $7,100 of merchandise from Sunland Company, terms 4/10, n/30. Blossom Company pays the fre

Question

3 years ago

11

On June 10, Blossom Company purchased $7,100 of merchandise from Sunland Company, terms 4/10, n/30. Blossom Company pays the fre

ight costs of $350 on June 11. Goods totaling $600 are returned to Sunland Company for credit on June 12. On June 19, Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system.
Prepare separate entries for each transaction on the books of Blossom Company. (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. Record journal entries in the order presented in the problem.)

Business

1 answer:

Marysya12 [62] · Answer 1 · 2022-04-14T23:14:15+03:00

Answer:

June 10

Dr Inventory $7,100

Cr Accounts payable $7,100

June 11

Dr Inventory $350

Cr Cash $350

June 12

Dr Accounts payable $600

Cr Inventory $600

June 19

Dr Account payable $6,500

Cr Cash $6,240

Cr Inventory $260

Explanation:

Preparation of a separate journal entries for each transaction on the books of Blossom Company.

Books of Blossom Company