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Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 157 Equipment Oct. 1 On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 3 5 10 15 16 19 201 29 Accounts Payable Owner's Drawings Cost of Goods Sold Purchased merchandise, check no. 63, $200. Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70.

Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 157 Equipment Oct. 1 On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 3 5 10 15 16 19 201 29 Accounts Payable Owner's Drawings Cost of Goods Sold Purchased merchandise, check no. 63, $200. Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 130 157 Oct. 1 3 (a) On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 5 10 15 16 19 29 Inventory Prepaid Insurance 505 Equipment Purchased merchandise, check no. 63, $200. 201 Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. ount Debited Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70. 306 Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Ref. + 120 ; Accounts Payable Owner's Drawings Cost of Goods Sold 157 V Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent
Transcribed Image Text:Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 130 157 Oct. 1 3 (a) On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 5 10 15 16 19 29 Inventory Prepaid Insurance 505 Equipment Purchased merchandise, check no. 63, $200. 201 Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. ount Debited Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70. 306 Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Ref. + 120 ; Accounts Payable Owner's Drawings Cost of Goods Sold 157 V Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent
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