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Accounts Receivable Date Apr.1 Balance Apr. 4 Morrow Date Apr. 5 ✓ Apr. 10 Rose Date Jennings Co. Date Dent Date Explanation Ref. Explanation Ref. Balance CRI CRI Explanation Ref. Balance Balance CR1 Explanation Ref. Balance V CR1 CR1 Explanation Ref. CRI General Ledger Debit Accounts Receivable Subsidiary Ledger Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 112 Balance Balance Balance Balance Balance

Accounts Receivable Date Apr.1 Balance Apr. 4 Morrow Date Apr. 5 ✓ Apr. 10 Rose Date Jennings Co. Date Dent Date Explanation Ref. Explanation Ref. Balance CRI CRI Explanation Ref. Balance Balance CR1 Explanation Ref. Balance V CR1 CR1 Explanation Ref. CRI General Ledger Debit Accounts Receivable Subsidiary Ledger Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 112 Balance Balance Balance Balance Balance

FINANCIAL ACCOUNTING
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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Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 112 Accounts Receivable. Inventory 301 Owner's Capital 120 Apr. 1 4 5 8 On April 1, the accounts receivable ledger of Blossom Company showed the following balances: Morrow $1,600, Rose $1,210, Jennings Co. $2,910, and Dent $2,150. The April transactions involving the receipt of cash were as follows. 10 11 23 401 29 414 505 Sales Revenue Sales Discounts Cost of Goods Sold The owner, T. Blossom, invested additional cash in the business $7,260. Received check for payment of account from Dent less 2% cash discount. Received payment in full for $900 from Jennings Co for invoice no. 307. Made cash sales of merchandise totaling $7,285. The cost of the merchandise sold was $4,371. Received payment in full for $635 from Morrow for invoice no. 309. Received cash refund from a supplier for damaged merchandise $690. Received payment in full for $1,145 from Jennings Co. for invoice no.310. Received check for payment of account from Rose (no cash discount allowed). Accounts Receivable Date Apr. 1 Apr. 4 Morrow Date Apr. 5 Apr. 10 Rose Date Jennings Co. Date Dent Date Explanation Ref. Balance Balance Explanation Ref. Balance V CR1 Balance Explanation Ref. V Balance CR1 V Explanation Ref. CR1 V CR1 CR1 Explanation Ref. V CR1 General Ledger Debit Accounts Receivable Subsidiary Ledger Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 112 Balance Balance Balance Balance Balance
Transcribed Image Text:Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 112 Accounts Receivable. Inventory 301 Owner's Capital 120 Apr. 1 4 5 8 On April 1, the accounts receivable ledger of Blossom Company showed the following balances: Morrow $1,600, Rose $1,210, Jennings Co. $2,910, and Dent $2,150. The April transactions involving the receipt of cash were as follows. 10 11 23 401 29 414 505 Sales Revenue Sales Discounts Cost of Goods Sold The owner, T. Blossom, invested additional cash in the business $7,260. Received check for payment of account from Dent less 2% cash discount. Received payment in full for $900 from Jennings Co for invoice no. 307. Made cash sales of merchandise totaling $7,285. The cost of the merchandise sold was $4,371. Received payment in full for $635 from Morrow for invoice no. 309. Received cash refund from a supplier for damaged merchandise $690. Received payment in full for $1,145 from Jennings Co. for invoice no.310. Received check for payment of account from Rose (no cash discount allowed). Accounts Receivable Date Apr. 1 Apr. 4 Morrow Date Apr. 5 Apr. 10 Rose Date Jennings Co. Date Dent Date Explanation Ref. Balance Balance Explanation Ref. Balance V CR1 Balance Explanation Ref. V Balance CR1 V Explanation Ref. CR1 V CR1 CR1 Explanation Ref. V CR1 General Ledger Debit Accounts Receivable Subsidiary Ledger Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 112 Balance Balance Balance Balance Balance
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