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Prepare the journal entries to record the following transactions on Blossom Companys books using a perpetual inventory system. (If no entry is required, select No
Prepare the journal entries to record the following transactions on Blossom Companys books using a perpetual inventory system. (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. Record journal entries in the order presented in the problem.)
(a) | On March 2, Kingbird Company sold $ 850,000 of merchandise to Blossom Company on account, terms 2/10, n/30. The cost of the merchandise sold was $ 500,000. | |
(b) | On March 6, Blossom Company returned $ 100,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $ 60,000. | |
(c) | On March 12, Kingbird Company received the balance due from Blossom Company. |
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