On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $354,400. Blossom paid $810 for freight charges. Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 03 (To record credit sale) Dec. 03 (To record cost of merchandise sold) Dec. 03 (To record payment of freight on goods sold)
On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $354,400. Blossom paid $810 for freight charges. Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 03 (To record credit sale) Dec. 03 (To record cost of merchandise sold) Dec. 03 (To record payment of freight on goods sold)
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 7E: On December 31, Marchant Company took a physical count of its merchandise inventory. It operates...
Related questions
Topic Video
Question
On December 3, Blossom Company sold $591,000 of merchandise to Crane Co., terms 1/10, n/30, FOB destination. The cost of the merchandise sold was $354,400. Blossom paid $810 for freight charges.
Prepare the
| Date |
Account Titles and Explanation
|
Debit
|
Credit
|
|
| Dec. 03 |
|
|
|
|
|
|
|
|
||
|
(To record credit sale)
|
||||
| Dec. 03 |
|
|
|
|
|
|
|
|
||
|
(To record cost of merchandise sold)
|
||||
| Dec. 03 |
|
|
|
|
|
|
|
|
||
|
(To record payment of freight on goods sold)
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning