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Exercise 5-2 Blossom Company buys merchandise on account from Sunland Company. The selling price of the goods is $1,465 and the cost of the goods
Exercise 5-2
Blossom Company buys merchandise on account from Sunland Company. The selling price of the goods is $1,465 and the cost of the goods sold is $685. Both companies use perpetual inventory systems. Journalize the transactions on the books of both companies. (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.)
Account Titles and Explanation | Debit | Credit |
Blossom Company | ||
Sunland Company | ||
(To record sale of merchandise) | ||
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