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Blossom Company buys merchandise on account from Pina Company. The selling price of the goods...

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Accounting

Blossom Company buys merchandise on account from Pina Company. The selling price of the goods is $1,140, and the cost of the goods is $830. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Blossom Company (To record credit purchase of inventory) Pina Company (To record credit sale) (To record cost of merchandise sold)

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