On October 5, Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is $5,010, and the cost to Kingbird Company is $3,010. On October 8, Blossom returns defective goods with a selling price of $650 and a scrap value of $250. Record the transactions on the books of Kingbird Company, assuming a perpetual approach. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation (To record credit sales) (To record cost of goods sold on account) (To record credit granted for receipt of returned goods) (To record scrap value of goods returned) Debit 2 Credit 504

On October 5, Blossom Company buys merchandise on account from Kingbird Company. The selling price of the goods is $5.010, and the cost to Kingbird Company is $3,010. On October 8 , Blossom returns defective goods with a selling price of $650 and a scrap value of $250. Record the transactions on the books of Kingbird Company, assuming a perpetual approach. (ff no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem)