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Exercise 5-3 The following transactions are for Blossom Company. 1. On December 3, Blossom Company sold $499,800 of merchandise to Sunland Co., terms 2/10, n/30. The cost of the merchandise sold was 2. On December 8, Sunland Co. was granted an allowance of $23,300 for merchandise purchased on December 3. 3. On December 13, Blossom Company received the balance due from Sunland Co. $317,400. Prepare the journal entries to record these transactions on the books of Blossom Company. Blossom Company uses a perpetual inventory system. amount is entered. Do not indent manually.) No. Date Account Titles and Explanation 1. Debit Credit To record credit sale) (To record cost of merchandise sold) 2. 3. Dec. 13 WD Assume that Blossom Company received the balance due from Sunland Co. on January 2 of the following year instead of December 13. Prepare th Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS SHOW SOLUTION LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE