1. On December 3, Blossom Company sold $591,000 of merchandise on account to Pina Co.,...
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Accounting
1. On December 3, Blossom Company sold $591,000 of merchandise on account to Pina Co., terms 4/10, n/30, FOB destination. Blossom paid $450 for freight charges. The cost of the merchandise sold was $354,400.
2.On December 8, Pina Co. was granted an allowance of $25,700 for merchandise purchased on December 3.
3.On December 13, Blossom Company received the balance due from Pina Co.
Prepare the journal entries to record these transactions on the books of Blossom Company using a perpetual inventory system.
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