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Presented below are transactions related to Blossom Company. 1. On December 3, Blossom Company sold...

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Presented below are transactions related to Blossom Company. 1. On December 3, Blossom Company sold $591,000 of merchandise to Pina Co., terms 4/10, n/30, FOB destination. Blossom paid $620 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 perpetuat inventory system. (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.) Assume that Blossom Company received the balance due from Pina 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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