On June 10, Blossom Company purchased $6,000 of merchandise from Sunland Company
ID: 2770057 • Letter: O
Question
On June 10, Blossom Company purchased $6,000 of merchandise from Sunland Company, terms 2/10, n/30. Blossom Company pays the freight costs of $350 on June 11. Goods totaling $200 are returned to Sunland Company for credit on June 12. On June 19, Blossom Company pays Sunland Company in full, less the purchase discount. Both companies use a perpetual inventory system. (a) Prepare separate entries for each transaction on the books of Blossom Company. (If no entry is required, select "No Entry for the account titles and enter O 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.) DateAccount Titles and Explanation Debit Credit ealth and IMG 5521 (2) ciety Ess Travel Reservatio. issing bags (154 unread) sallyelyaExplanation / Answer
In the books of blossom company:
On purchase of goods:
Date
Description
Dr.
Cr.
10-Jun
Merchandise Inventory
6000
Accounts payables
6000
Payment of freight expenses:
Date
Description
Dr.
Cr.
11-Jun
Freight expenses
350
Cash
350
Goods returned
Date
Description
Dr.
Cr.
11-Jun
accounts payable
200
merchandise inventory
350
On final payment for goods
Date
Description
Dr.
Cr.
19-Jun
accounts payable (6000-200)
5800
Discount received (5800 x2%)
116
cash
5684
Date
Description
Dr.
Cr.
10-Jun
Merchandise Inventory
6000
Accounts payables
6000
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