Full Image httpsiimgurcomvaU4Vpepng Exercise 53 The followin

Full Image: https://i.imgur.com/vaU4Vpe.png

Exercise 5-3 The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $499,800 of merchandise to Sunland Co., terms 2/10, n/30. The cost of the merchandise sold was 2. On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. $317,400. Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system. amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Debit Credit To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 WD Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare th Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE

Solution

1 3-Dec Accounts Receivable-Sunland 499800            Sales revenue 499800 3-Dec Cost of Goods Sold 317400           Merchandise Inventory 317400 2 8-Dec Sales Returns and Allowances 23300          Accounts Receivable-Sunland 23300 3 13-Dec Cash 466970 Sales discounts 9530 =476500*2%          Accounts Receivable-Sunland 476500 b 13-Dec Cash 476500          Accounts Receivable-Sunland 476500