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The following transactions are for Kingbird Company. 1.   On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500. 2.   On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. 3.   On December 13, Kingbird Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount     Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount     (To record sale of merchandise on account)       Choose a transaction date for number 1                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount     Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount     (To record cost of merchandise sold on account)     2. Choose a transaction date for number 2                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the third journal entry enter a debit amount enter a credit amount     Enter an account title for the third journal entry enter a debit amount enter a credit amount 3. Choose a transaction date for number 2                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount     Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount     Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b) Assume that Kingbird 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 enter an account title enter a debit amount

The following transactions are for Kingbird Company. 1.   On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500. 2.   On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3. 3.   On December 13, Kingbird Company received the balance due from Blossom Co. (a) Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date for number 1                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount     Enter an account title for journal entry 1 to record credit sale enter a debit amount enter a credit amount     (To record sale of merchandise on account)       Choose a transaction date for number 1                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount     Enter an account title for journal entry 2 to record cost of merchandise sold enter a debit amount enter a credit amount     (To record cost of merchandise sold on account)     2. Choose a transaction date for number 2                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the third journal entry enter a debit amount enter a credit amount     Enter an account title for the third journal entry enter a debit amount enter a credit amount 3. Choose a transaction date for number 2                                                           Dec. 3Dec. 8Dec. 13Jan. 2 Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount     Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount     Enter an account title for the journal entry on December 13 enter a debit amount enter a credit amount (b) Assume that Kingbird 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 enter an account title enter a debit amount

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter9: Sales And Purchases
Section: Chapter Questions
Problem 8E: Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to...
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The following transactions are for Kingbird Company.

1.   On December 3, Kingbird Company sold $521,300 of merchandise to Blossom Co., on account, terms 3/10, n/30. The cost of the merchandise sold was $313,500.
2.   On December 8, Blossom Co. was granted an allowance of $23,400 for merchandise purchased on December 3.
3.   On December 13, Kingbird Company received the balance due from Blossom Co.


(a)

Prepare the journal entries to record these transactions on the books of Kingbird. Kingbird uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.
Date
Account Titles and Explanation
Debit
Credit
1.
Choose a transaction date for number 1                                                           Dec. 3Dec. 8Dec. 13Jan. 2
Enter an account title for journal entry 1 to record credit sale
enter a debit amount
enter a credit amount
   
Enter an account title for journal entry 1 to record credit sale
enter a debit amount
enter a credit amount
    (To record sale of merchandise on account)    
 
Choose a transaction date for number 1                                                           Dec. 3Dec. 8Dec. 13Jan. 2
Enter an account title for journal entry 2 to record cost of merchandise sold
enter a debit amount
enter a credit amount
   
Enter an account title for journal entry 2 to record cost of merchandise sold
enter a debit amount
enter a credit amount
    (To record cost of merchandise sold on account)    
2.
Choose a transaction date for number 2                                                           Dec. 3Dec. 8Dec. 13Jan. 2
Enter an account title for the third journal entry
enter a debit amount
enter a credit amount
   
Enter an account title for the third journal entry
enter a debit amount
enter a credit amount
3.
Choose a transaction date for number 2                                                           Dec. 3Dec. 8Dec. 13Jan. 2
Enter an account title for the journal entry on December 13
enter a debit amount
enter a credit amount
   
Enter an account title for the journal entry on December 13
enter a debit amount
enter a credit amount
   
Enter an account title for the journal entry on December 13
enter a debit amount
enter a credit amount


(b)

Assume that Kingbird 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. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date
Account Titles and Explanation
Debit
Credit
Jan. 2
enter an account title
enter a debit amount
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