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Brief Exercise 7-6 Blossom Company made sales of $40,100 with terms 1/10, n/30. Within the discount period, it received a cash payment on $35,700 of
Brief Exercise 7-6 Blossom Company made sales of $40,100 with terms 1/10, n/30. Within the discount period, it received a cash payment on $35,700 of the sales from customers. After the discount period, it received $4,400 in payments from customers. Assume Blossom uses the gross method of recording sales. Prepare joumal entries for the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record sales revenue) (To record cash received within the discount period) (To record cash received after the discount period)
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