This information relates to Blossom Co.. 1. On April 5, purchased merchandise from Sunland Company for $28,800, terms 4/10, n/30.
2. On April 6, paid freight costs of $620 on merchandise purchased from Sunland Company.
3. On April 7, purchased equipment on account for $34,200.
4. On April 8, returned $3,500 of April 5 merchandise to Sunland Company.
5. On April 15, paid the amount due to Sunland Company in full.
1. Prepare the journal entries to record the transactions listed above on Blossom Co.’s books. Blossom Co. uses a perpetual inventory system.
2. Assume that Blossom Co. paid the balance due to Sunland Company on May 4 instead of April 15. Prepare the journal entry to record this payment.

1. Apr 5

Dr Merchandise inventory$28,800

Cr Account payable $28,800

Apr 6

Dr Merchandise inventory$620

Cr Cash $620

Apr 7

Dr Equipment$34,200

Cr Account payable $34,200

Apr 8

Dr Account payable$3,500

Cr Merchandise inventory $3,500

Apr 15

Dr Account payable $25,300

Cr Cash $24,288

Cr Merchandise inventory $1,012

b) May 4

Dr Account payable $25,300

Cr Cash $25,300

Explanation:

1. Preparation of the journal entries to record the transactions listed above on Blossom Co.’s books. using a perpetual inventory system.

Apr 5

Dr Merchandise inventory$28,800

Cr Account payable $28,800

Apr 6

Dr Merchandise inventory$620

Cr Cash $620

Apr 7

Dr Equipment$34,200

Cr Account payable $34,200

Apr 8

Dr Account payable$3,500

Cr Merchandise inventory $3,500

Apr 15

Dr Account payable $25,300

($28,800-$3500)

Cr Cash (25,300*96%) $24,288

Cr Merchandise inventory $1,012

($25,300-$24,288)

b) Preparation of the journal entry to record this payment.

May 4

Dr Account payable $25,300

($28,800-$3500)

Cr Cash $25,300

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