CALCULATOR MESSAGE MY I NSTRUCTOR FULL SCREEN PRINTER VERSION ?BACK NE (a) on Ma
ID: 2517673 • Letter: C
Question
CALCULATOR MESSAGE MY I NSTRUCTOR FULL SCREEN PRINTER VERSION ?BACK NE (a) on March 2, Blossom Company sold s850,000 of merchandise to sunland Company, terms 2/10, n/30. The cost of the merchandise soid was s500,000 (b) On March 6, (c) On March 12, Blossom Company received the balance due from Sunland Company. Sunland Company returned $100,000 of the merchandise purchased on March 2. The cost of the merchandise returned was $60,000. No. Date Account Titles and Explanation Debit Credit (To record sale of merchandise) (To record return of merchandise) (c) March 12Explanation / Answer
No.
Date
Account Titles and Explanation
Debit
Credit
(a)
March 2
Account receivable
850000
Sales revenue
850000
(To record sale of merchandise)
March 2
Cost of goods sold
500000
Inventory
500000
(b)
March 6
Sales return and allowances
100000
Account receivable
100000
(To record return of merchandise)
March 6
Inventory
60000
Cost of goods sold
60000
(c)
March 12
Cash
735000
Sales Discount
15000
Account Receivable
750000
No.
Date
Account Titles and Explanation
Debit
Credit
(a)
March 2
Account receivable
850000
Sales revenue
850000
(To record sale of merchandise)
March 2
Cost of goods sold
500000
Inventory
500000
(b)
March 6
Sales return and allowances
100000
Account receivable
100000
(To record return of merchandise)
March 6
Inventory
60000
Cost of goods sold
60000
(c)
March 12
Cash
735000
Sales Discount
15000
Account Receivable
750000
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