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Accounting Journal Entry

(To record sale of merchandise on account) Inventory (To record cost of goods sold) Siles Returm and Allowances Mrcounts Receivable Marcho o (To record return of merchandise) inventory Cont of Goods Sold (To record cost of goods returned) (To record cost of goods sold) March 6 Sales Returrs and Allowances Accounts Recelvable (To record return of merchandise) Marche Inventory Cost of Goods Sold (To record cost of goods returned) March 12 Irventory Cosh Arcounts Receivable 111.100 67.400 Prepare the journal entries to record the following transactions on Blossom Company's books using a perpetual inventory system. (If no entry is required, select "No Entry' for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when arnount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries) (a) On March 2, Blossom Company sold $889,200 of merchandise to Kingbird Company on account, terms 2/10,n/30. The cost of the merchandise sold was $573,500. (b) On March 6, Kingbird Company returned $111,100 of the merchandise purchased on March 2. The cost of the merchandise returned was $67,400. (c) On March 12, Blossom Company received the balance due from Kingbird Company

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