Blossom Company sells goods to Wildhorse Company during It offers Wildhorse the following rebates based on total sales to
Wildhorse. If total sales to Wildhorse are units, it will grant a rebate of If it sells up to units, it will grant a rebate of
It if sells up to units, it will grant a rebate of In the first quarter of the year, Blossom sells units to Wildhorse, on
account, at a sales price of $ Based on past experience, Blossom has sold over units to Wildhorse, and these sales
normally take place in the third quarter of the year.a
Prepare the journal entries including any rebates that Blossom should make to record the sale, on account, of the units in
the first quarter of the year assuming Blossom follows IFRS. Ignore any cost of goods sold entry. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles
and enter for the amounts. List all debit entries before credit entries.
Account Titles and Explanation
Debit
Credit
To record sale on account
To record rebate
