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Prepare the journal entries to record these transactions on Blossom Companys books using a periodic inventory system. (If no entry is required, select No Entry
Prepare the journal entries to record these transactions on Blossom Companys books using a periodic 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, Blossom Company purchased $905,500 of merchandise from Kingbird Company, terms 2/10, n/30. | |
(b) | On March 6, Blossom Company returned $113,900 of the merchandise purchased on March 2. | |
(c) | On March 12, Blossom Company paid the balance due to Kingbird Company. |
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