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Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 30 bushels of flowers to a customer for $1,400 cash; cost
Record journal entries for the following sales transactions of Flower Company. Oct. 12 Sold 30 bushels of flowers to a customer for $1,400 cash; cost of sale $660. Oct. 21 Sold 60 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company Oct. 31 Received payment in full from the October 21 sale. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. Oct. 12 Sale with cash Oct. 12 Cost of sale Oct. 21 Sale on credit Oct. 21 Cost of sale Oct. 31
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