Presented below are selected transactions of Blossom Company. Blossom sells in large quantities to other companies and
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Presented below are selected transactions of Blossom Company. Blossom sells in large quantities to other companies and also sells its product in a small retail outlet.
March 1 | | Sold merchandise on account to Dodson Company for $ 3,400 , terms 4 /10, n/30. |
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3 | | Dodson Company returned merchandise worth $ 1,200 to Blossom . |
9 | | Blossom collected the amount due from Dodson Company from the March 1 sale. |
15 | | Blossom sold merchandise for $ 1,000 in its retail outlet. The customer used his Blossom credit card. |
31 | | Blossom added 1.60 % monthly interest to the customer’s credit card balance. |
Prepare journal entries for the transactions above. (Ignore cost of goods sold entries and explanations.)
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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