--/4 om/courses/40725/assignments/4334962 Question 2 View Policies Current Attempt in Progress Blossom Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Blossom Growth sells these seeds on account for $1,400,000 (cost $600,000) on April 2, 2020. Customers are required to pay the full amount due by June 15, 2020. The company follows IFRS Prepare the journal entry for Blossom Growth at April 2,2020, assuming Blossom Growth estimates returns of 20% based on prior experience (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation April 2, 2020 (To record sale on account) April 2.2020 h and Windows & 459 PM DELL /40725/assignments/4334962 prior experience. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Debit Credit Date Account Titles and Explanation April 2, 2020 (To record sale on account) April 2, 2020 (To record cost of goods sold) Textbook and Media DELL De ourses/40725/assignments/4334962 Assume that one customer returns the seeds on June 1.2020. Prepare the journal entry to record this transaction, assuming this customer purchased $90,000 of seeds from Blossom Growth. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation July 1, 2020 (To record return from customer) July 1, 2020 (To record return of inventory) e Textbook and Media List of Accounts A d 2020 DELL DOO De Inwert Backspace Enter Shila /courses/4072/assignment 1962 + IO Prepare the journal entry for Blossom Growth at April 2, 2020, assuming Blossom Growth estimates returns of 20% based on prior experience. Blossom follows ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation April 2, 2020 UU (To record sale on account) April 2.2020 (To accrue for sales returns) April 2. 2020 (To record cost of goods sold) e Textbook and Media List of Accounts DELL Backspace m/courses/40725/assignments/4334962 LO Assume that one customer returns the seeds on July 1, 2020. Prepare the journal entry to record this transaction, assuming this customer purchased $90,000 of seeds from Blossom Growth Blossom follows ASPE(Credit account titles are automatically indented when the amount is entered. Do not indent manually I no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, 5,275) Debit Date Account Titles and Explanation July 1, 2020 (To record return from customer) July 1, 2020 (To record return of inventory) cTextbook and Media List of Accounts 0 0020 DELL De BANDAR + --/4 om/courses/40725/assignments/4334962 Question 2 View Policies Current Attempt in Progress Blossom Growth Company is testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant five of its largest customers the unconditional right to return these products if not fully satisfied. The right of return extends for four months. Blossom Growth sells these seeds on account for $1,400,000 (cost $600,000) on April 2, 2020. Customers are required to pay the full amount due by June 15, 2020. The company follows IFRS Prepare the journal entry for Blossom Growth at April 2,2020, assuming Blossom Growth estimates returns of 20% based on prior experience (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation April 2, 2020 (To record sale on account) April 2.2020 h and Windows & 459 PM DELL /40725/assignments/4334962 prior experience. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts.) Debit Credit Date Account Titles and Explanation April 2, 2020 (To record sale on account) April 2, 2020 (To record cost of goods sold) Textbook and Media DELL De ourses/40725/assignments/4334962 Assume that one customer returns the seeds on June 1.2020. Prepare the journal entry to record this transaction, assuming this customer purchased $90,000 of seeds from Blossom Growth. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation July 1, 2020 (To record return from customer) July 1, 2020 (To record return of inventory) e Textbook and Media List of Accounts A d 2020 DELL DOO De Inwert Backspace Enter Shila /courses/4072/assignment 1962 + IO Prepare the journal entry for Blossom Growth at April 2, 2020, assuming Blossom Growth estimates returns of 20% based on prior experience. Blossom follows ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Debit Credit Date Account Titles and Explanation April 2, 2020 UU (To record sale on account) April 2.2020 (To accrue for sales returns) April 2. 2020 (To record cost of goods sold) e Textbook and Media List of Accounts DELL Backspace m/courses/40725/assignments/4334962 LO Assume that one customer returns the seeds on July 1, 2020. Prepare the journal entry to record this transaction, assuming this customer purchased $90,000 of seeds from Blossom Growth Blossom follows ASPE(Credit account titles are automatically indented when the amount is entered. Do not indent manually I no entry is required, select "No Entry for the account titles and enter for the amounts. Round answers to decimal places, 5,275) Debit Date Account Titles and Explanation July 1, 2020 (To record return from customer) July 1, 2020 (To record return of inventory) cTextbook and Media List of Accounts 0 0020 DELL De BANDAR +
