The following transactions are for Kingbird Company. 1. 2. 3. (a) On December 3, Kingbird Company sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $310,000. On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird Company. Kingbird uses a perpetual inventory system. (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. List all debit entries before credit entries.) 1. No. Date Account Titles and Explanation (To record sale of merchandise on account) Debit Cred

The following transactions are for Kingbird Company. 1. 2. 3. (a) On December 3, Kingbird Company sold $450,000 of merchandise to Blossom Co., on account, terms 1/10, n/30. The cost of the merchandise sold was $310,000. On December 8, Blossom Co. was granted an allowance of $22,000 for merchandise purchased on December 3. On December 13, Kingbird Company received the balance due from Blossom Co. Prepare the journal entries to record these transactions on the books of Kingbird Company. Kingbird uses a perpetual inventory system. (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. List all debit entries before credit entries.) 1. No. Date Account Titles and Explanation (To record sale of merchandise on account) Debit Cred

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 3PB

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Current Attempt in Progress Presented below are transactions related to Concord Corporation. On December 3, Concord Corporation sold $662,200 of merchandise on account to Sarasota Co., terms 4/10, n/30, FOB shipping point. The cost of the merchandise sold was $351,200. On December 8, Sarasota Co. was granted an allowance of $26,600 for merchandise purchased on December 3. 3. On December 13, Concord Corporation received the balance due from Sarasota Co. 1. 2. (a) ✓ Your answer is correct. Prepare the journal entries to record these transactions on the books of Concord Corporation using a perpetual inventory system (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 3 Account Titles and Explanation Accounts Receivable norcal_archives_20....zip W QCA 5.docx W Debit 662,200 response essay.docx Credit
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