Prepare a journal entry to record the adjusting entry for March 31st, 2025 when the financial statements are prepared. Blossom believes it's original estimate of returns is correct. (Round answers to O decimal places, e.g. 5,125. List all debit entries before credit entries. 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 0 for the amounts.)

Blossom Company is presently testing a number of new agricultural seeds that it has recently harvested. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Blossom sells these seeds on account for $1,390,000 (cost $764,500) on January 2, 2025, Customers are required to pay the full amount due by April 15,2025. (a) Your answer is correct. Prepare the journal entry for Blossom at January 2, 2025, assuming Blossom estimates returns of 15% based on prior experience. (List all debit entries before credit entries. 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 Ofor the amounts.) Assume that one customer returns the seeds on March 1, 2025. due to unsatisfactory performance. Prepare the journal entry to record this transaction, assuming this customer purchased $90,000 of seeds from Blossom. (Round answers to 0 decimal places, e 8 . 5,125. List all debit entries before credit entries, 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 0 for the amounts.) - Your answer is partially correct