Question

This information relates to Kingbird Co. 1. On April 5, purchased merchandise from Blossom Company for $26,200, terms 3/10, 1/30 2. On April 6, paid freight costs of $570 on merchandise purchased from Blossom 3. On April 7. purchased equipment on count for $34,500 4. On April 8, returned $3,900 of April merchandise to Blossom Company 5. On April 15. paid the amount due to Blossom Company inful. entry required select " Enby for the account and enter for the Prepare the journal entries to record the transactions listed above on Kingbird Co's books, Kingbird Causes a perpetual inventory system amounts Credit accounttities are automatically Indented when amount is entired. Do not inden man No Date Account Titles and Explanation

Answer 1

Solution I No Date I | Debit Gedet 26200 1 Account Eitle and explanation Merchandise Inventory Accounts payabte - Blosomas Apr 5 26200 - Company 2 Apr 6 570 Merchandese Inventory Cash 570 3 | Apra 34500 equipment Accounts payable 34500 T4 Apr 8 T Accounts payable - Blossom 3900 Company 3400 15 Apr 15 22300 Merchandese Inventory Accounts payable Blossom [ 26200 - 3900) cash (defference) Merchandise Inventory (Descount @3%) (22300X3%) 21631 669 Debit I Credet No 11 Date May 04 22300 Account title & explanation 1. Accounts payable - Blossom Company [26200 - 3900] Cash 22300