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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

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Sunland Company

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(To record sale of merchandise)

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