Record the following transactions on the books of Blossom Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (a) On July 1, Blossom Co. sold merchandise on account to Waegelein Inc. for $16,900, terms 2/10, n/30. (b) On July 8, Waegelein Inc. returned merchandise worth $4,700 to Blossom Co. (c) On July 11, Waegelein Inc. paid for the merchandise.
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Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. β exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) β na = (360 ) (360 ) oa b. na = (360 ) + 360 360 β na = 360 na c. (360 ) = na + (360 ) (360 ) β na = (360 ) na d. na = (360 ) + 360 360 β na = 360 na
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Record the following transactions on the books of Blossom Co. (Omit cost of goods sold entries.) (Cr...
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