Current Attempt in Progress The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $586,700 of merchandise to Ayayai Co., on account, terms 2/10, n/30, FOB destination. Blossom paid $390 for freight charges. The cost of the merchandise sold was $391,300. 2. On December 8, Ayayai Co. was granted an allowance of $28,700 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Ayayai Co. (a) Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (List all debit entries before credit entries. 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 for the amounts.) No. Date Account Titles and Explanation Debit Credi 1. Dec. 3 Accounts Receivable 586700 Sales Revenue (To record credit sale) Dec. 3 Cost of Goods Sold Inventory (To record cost of merchandise sold) Current Attempt in Progress The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $586,700 of merchandise to Ayayai Co., on account, terms 2/10, n/30, FOB destination. Blossom paid $390 for freight charges. The cost of the merchandise sold was $391,300. 2. On December 8, Ayayai Co. was granted an allowance of $28,700 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Ayayai Co. (a) Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (List all debit entries before credit entries. 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 for the amounts.) No. Date Account Titles and Explanation Debit Credi 1. Dec. 3 Accounts Receivable 586700 Sales Revenue (To record credit sale) Dec. 3 Cost of Goods Sold Inventory (To record cost of merchandise sold) (b) Assume that Blossom Company received the balance due from Ayayai Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2 cash Accounts Receivable Save for Later Attempts: 0 of 1 used Submit
