2 QUESTION 4 Record journal entries for the following purchase transactions of Flower Company. Oct.13 Oct. 13 Purchased 85 bushels of flowers with cash for $1,300. Oct.20 Oct. 20 Purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20 Oct.30. Paid account in full from the October 20 purchase. Date: October 13 Accounts Debit Credit Flowers expense $1,300 Cash $1,300 Description: Purchased 85 bushels of flowers with cash for $1,300. Date: October 20 Accounts Debit Credit Flowers expense $4,800 Accounts payable $4,800
3 Description: Purchased 240 bushels of flowers for $20 per bushel on credit. Terms of the purchase are 5/10, n/30, invoice dated October 20. Date: October 30 Accounts Debit Credit Accounts payable $4,800 Cash $4,560 Flowers expense $240 Description: Paid account in full from the October 20 purchase, taking advantage of the discount[ CITATION Deb10 \l 1033 ]. Record journal entries for the following sales transactions of Flower Company. Oct.12 Sold 25 bushels of flowers to a customer for $1,000 cash; cost of sale $700. Oct.21 Sold 40 bushels of flowers for $30 per bushel on credit. Terms of the sale are 4/10, n/30, invoice dated October 21. Cost per bushel is $20 to Flower Company. Oct.31 Received payment in full from the October 21 sale. Date: October 12 Accounts Debit Credit
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