The following transactions are for Wildhorse Company. 1. On December 3 , Wildhorse Company sold $514,300 of merchandise to Blossom Co., on account, terms 2/10, n/30. The cost of the merchandise sold was $339,300. 2. On December 8 , Blossom Co. was granted an allowance of $26,500 for merchandise purchased on December 3 . 3. On December 13, Wildhorse Company received the balance due from Blossom Co. Your answer is correct. Prepare the journal entries to record these transactions on the books of Wildhorse Company using a perpetual inventory syste (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entr for the account titles and enter 0 for the amounts.) Assume that Wildhorse Company received the balance due from Blossom Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2 . (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)
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