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Brief Exercise 6-11 On March 1, 2017, Blossom Company sold goods to Kingbird Inc. for...

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Brief Exercise 6-11 On March 1, 2017, Blossom Company sold goods to Kingbird Inc. for $875,000 in exchange for a five-year, zero-interest-bearing note in the face amount of $1,409,245. The goods have an inventory cost on Blossom's books of $425,000 Prepare the journal entries for Blossom on March 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit March 1, 2017 To record sales) March 1, 2017 (To record cost of goods sold) Prepare the journal entries for Blossom on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to 0 decimal places, e.g. 5,275) DateAccount Titles and Explanation Debit Credit December 31, 2017 LIST OF ACCOUNTS

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