Knowledge Check

On May $10,$ Blossom Co$.$ buys $$600$ of merchandise on account from Kingbird Supply, terms $\frac{1}{10},\frac{n}{30}.$ Blossom pays Kingbird on May $18.$ The buyer uses the perpetual inventory method.

a$.$ Prepare the entry to record the purchase of merchandise. $($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 the amount is entered. Do not indent manually. List debit entry before credit entry.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$May $10,,,]]$

b$.$ Prepare the entry to record the payment by Blossom, if Blossom pays within the discount period. $($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 the amount is entered. Do not indent manually. List all debit entrie$$before credit entries.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[$May $18],[,,,],[,,,],[,,,]]$