Record journal entries for the following sales transactions of Flower Company. Sold 23 bushels of flowers to a customer for $1,200 Oct. 12 cash; cost of sale $610. Oct. 21 Sold 50 bushels of flowers for $40 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $12 to Flower Company. Oct. 31 Received payment in full from the October 21 sale.

Record journal entries for the following sales transactions of Flower Company. Sold 23 bushels of flowers to a customer for $1,200 Oct. 12 cash; cost of sale $610. Oct. 21 Sold 50 bushels of flowers for $40 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $12 to Flower Company. Oct. 31 Received payment in full from the October 21 sale.

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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