Record journal entries for the following sales transactions of Flower Company.Oct. 12Sold 28 bushels of flowers to a customer for $1,200 cash; cost of sale $620.Oct. 21Sold 40 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company.Oct. 31Received payment in full from the October 21 sale.If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

Discount = Sales x discount rate = $800 x 4% = $32

Answered: Record journal entries for the…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 16EA: Record journal entries for the following purchase transactions of Flower Company. A. On October 13,...

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Record journal entries for the following sales transactions of Flower Company.

Oct. 12	Sold 28 bushels of flowers to a customer for $1,200 cash; cost of sale $620.
Oct. 21	Sold 40 bushels of flowers for $20 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $6 to Flower Company.
Oct. 31	Received payment in full from the October 21 sale.

If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.

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