On March 2, Blossom Company sold $805,000 of merchandise on account to Ayayai Company, terms 2/10, n/30. The cost of the merchandise sold was $521,000. (List all debit entries before credit entries. 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 0 for the amounts.)
Account Titles and Explanation
Accounts Receivable
Sales Revenue
(To record credit sale)
Cost of Goods Sold
Inventory
(To record cost of merchandise sold)
eTextbook and Media
List of Accounts
Debit
805,000
Credit
805,000
521,000
521,000
Assistance Used
Attempts: 1 of 3 used
Using multiple attempts will impact your score.
5% score reduction after attempt 2
(b)
Your answer is correct.
On March 6, Ayayai Company returned $80,500 of the merchandise purchased on March 2. The cost of the returned merchandise was $54,700. (List all debit entries before credit entries. 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 0 for the amounts.)
Account Titles and Explanation
Sales Returns and Allowances
Accounts Receivable
(To record merchandise returned)
Inventory
Cost of Goods Sold
(To record cost of merchandise returned)
eTextbook and Media
List of Accounts
Debit
80,500
Credit
80,500
54,700
54,700
Attempts: 1 of 3 used
Using multiple attempts will impact your score.
5% score reduction after attempt 2
(c)
Your answer is partially correct.
On March 12, Blossom Company received the balance due from Ayayai Company. (List all debit entries before credit entries. 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 0 for the amounts.)
Account Titles and Explanation
Cash
Debit
Credit
Sales Discounts
Accounts Receivable
eTextbook and Media
List of Accounts
Assistance Used
Attempts: 1 of 3 used
