Business, 19.03.2021 18:10 leo4687

The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $521,000 of merchandise to Sunland Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $334,400.
2. On December 8, Sunland Co. was granted an allowance of $30,700 for merchandise purchased on December 3.
3. On December 13, Blossom Company received the balance due from Sunland Co.
A. Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system.
B. Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

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The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $521,000...

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