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On March 10, 2025, Blossom Company sold to Bridgeport Hardware 230 tool sets at a price of $53 each (cost $28 per set) with
On March 10, 2025, Blossom Company sold to Bridgeport Hardware 230 tool sets at a price of $53 each (cost $28 per set) with terms of n/60, f.o.b. shipping point. Blossom allows Bridgeport to return any unused tool sets within 60 days of purchase. Blossom estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2025, Bridgeport returned 6 tool sets and received a credit to its account. (a) Prepare journal entries for Blossom to record (1) the sale on March 10, 2025, (2) the return on March 25, 2025, and (3) any adjusting entries required on March 31, 2025 (when Blossom prepares financial statements). Blossom believes the original estimate of returns is correct. (Credit account titles are automatically indented when the 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. List all debit entries before credit entries.) No. Date (1) Account Titles and Explanation (To record sales) Debit (2) (To record cost of goods sold) (To record sales returns) (3) (To record cost of goods returned) eTextbook and Media (Adjusting entry for sales returns); (Adjusting entry for cost of goods sold) MacBook Pro
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