### Information for Blossom Company1. **Beginning-of-the-Year Accounts Receivable Balance:** - The balance was $20,800.2. **Net Sales (All on Account) for the Year:** - The amount was $109,600. - Blossom does not offer cash discounts.3. **Collections on Accounts Receivable During the Year:** - Total collections were $81,000.### Journal Entries Preparation#### Instructions:- Prepare summary journal entries to record the items noted above.- 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 the amount is entered.- Do not indent manually.#### Journal Entry Table| No. | Account Titles and Explanation | Debit | Credit ||-----|--------------------------------|--------|--------|| 1 | [Blank] | [Blank] | 20,800 || | [Blank] | [Blank] | 20,800 | | 2 | Accounts Receivable | 109,600| || | Sales Revenue | | 109,600|| 3 | Cash | 81,000 | || | Accounts Receivable | | 81,000 |**Note:** The answer has been indicated as partially correct, suggesting that some parts of the entry may need to be revisited.

The journal entries are prepared to keep the record of day to day transactions of the business on…

1. 2. 3. a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Beginning-of-the-year Accounts Receivable balance was $20,800. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. Collections on accounts receivable during the year were $81,000. No. Account Titles and Explanation 2. Your answer is partially correct. 3. Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 20,800 109,600 81000 Credit ALL.O 20,800 109,600 81000

1. 2. 3. a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Beginning-of-the-year Accounts Receivable balance was $20,800. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. Collections on accounts receivable during the year were $81,000. No. Account Titles and Explanation 2. Your answer is partially correct. 3. Accounts Receivable Sales Revenue Cash Accounts Receivable Debit 20,800 109,600 81000 Credit ALL.O 20,800 109,600 81000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Write a journal entry for the following beginning balance: “accounts receivable (net of allowance of 5200) 235,884"
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Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (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 the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…
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