Prepare the journal entries to record the following purchase transactions in Blossom Company’s books. Blossom uses a perpetual inventory system. Mar. 12   Blossom purchased $23,000 of merchandise from Dalibor Company, terms 2/10, n/30, FOB destination. 13   The correct company paid freight costs of $175. 14   Blossom returned $2,700 of the merchandise purchased on March 12 because it was damaged. 21   Blossom paid the balance owing to Dalibor.

The XZ Ltd. is a retailer and uses the Perpetual Inventory System. The below information is available regarding the purchases and sales activities: Purchase price: $4.20 Selling price: $5.70 Purchase discount (paid in 10 days): 6% Sales discount (received in 15 days): 10% Calculate the correct entries for its business activities. The XZ purchased 300 units on credit from AA on the 2nd of July. The XZ sold 200 units on credit to DSX on the 3rd of July. The XZ returned 50 defective units to AA on the 9th of July. The XZ paid cash to AA on the 11th of July. DSX paid its purchase on the 12th of July.

Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1   Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2   The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5   Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15   Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16   The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17   Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25   Received the balance owing from Irvine Company for the September 15 sale. 30   Paid Hillary Company the balance…

On March 10, the Stone Company sold merchandise listing for $3,000 to the Dillard Company, terms 1/10, n/30. On March 14, $200 worth of merchandise was returned because it was the wrong size. On March 20, Stone Company received a check for the amount due. Required Record the journal entries made by Stone Company for these transactions Stone uses the periodic inventory system General Journal Description Date Mar 10 Accounts Receivable Cath Sold merchandises Dund Company terms 1/16/30 14 Merchande returned by Dars Company 20 Cash Remittance received from Dard Company # 1 Debit 1.000 00 Credit 1.000 0 O 0

Net Solutions purchased 200 units of Commodity 30 on account for $15 each FOB shipping point, credit terms: 2/15, n/60 on October 21, 2021, from P. Moore. 80 units were damaged in shipment, and were returned on Oct. 27. 2021. Net Solution paid ABC Shipping agency $136 Assume the company uses perpetual inventory system. (9')Journalize all the transactions for Net Solutions. EHKONBor the delivery and paid the balance on Nov 4. WIDDINI PEHKON the DEHK WIDDINI

Satoor, Inc.Satoor, Inc., which uses a periodic inventory system, purchased merchandise from Taye Company on July 7 for $15,000. The credit terms were 1/10, n/30. The goods were shipped FOB shipping point on July 7. Satoor, Inc. received the merchandise on July 10 and paid the amount due on July 15.Refer to the information provided for Satoor, Inc. Who is responsible for payment of the transportation costs on the merchandise sold? a. seller b. split equally between the two companies c. buyer d. Cannot be determined from the information provided.

On March 1, 2021 Lane Tech Merchandising (LTM) purchased the following inventory in the amount of $12,500 paying $4,500 cash and the rest on account. On March 5, 2021 LTM paid the balance of the transaction of March 1, 2021. On March 10, LTM sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590.  Record the journal entries to record the ongoing transactions under perpetual inventory system

Travis Company purchased merchandise on account from a supplier for $12,300, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank. a. b.