On October 5, Kingbird Company buys merchandise on account from Blossom Company. The selling price of the goods is $5,010, and the cost to Blossom Company is $3,010. On October 8, Kingbird returns defective goods with a selling price of $650 and a scrap value of $250. Record the transactions of Kingbird Company, assuming a perpetual approach. (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. Record journal entries in the order presented in the problem.)

On October 5, Kingbird Company buys merchandise on account from Blossom Company. The selling price of the goods is $5,010, and the cost to Blossom Company is $3,010. On October 8, Kingbird returns defective goods with a selling price of $650 and a scrap value of $250. Record the transactions of Kingbird Company, assuming a perpetual approach. (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. Record journal entries in the order presented in the problem.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15MC: A customer returns $870 worth of merchandise and receives a full refund. What accounts recognize...

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