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Prepare journal entries to record the sales transactions

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Reference no: EM132919225

Question - Prepare journal entries to record the following sales transactions in Blossom Company's books. Blossom uses a perpetual inventory system and the contract-based approach to revenue recognition. Blossom has a stated policy that all sales are final, no returns or exchanges.

June 16 Blossom sold $16,400 of merchandise to Guiying Company, terms 2/10, n/30, FOB destination. The cost of the merchandise sold was $8,528.17.

June 17 The correct company paid freight costs of $264.

June 26 Blossom received the balance due from Guiying.

Reference no: EM132919225

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