Business, 10.03.2020 01:16 carleygalloway103

Prepare the journal entries to record the following transactions on Blossom Company’s 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, Blossom Company sold $850,000 of merchandise to Sunland Company, terms 2/10, n/30. The cost of the merchandise sold was $500,000. (b) On March 6, Sunland Company returned $100,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,000. (c) On March 12, Blossom Company received the balance due from Sunland Company.

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Prepare the journal entries to record the following transactions on Blossom Company’s books using a...

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