Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 Equipment 157 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 (a) 15 16 19 29 201 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. ount Debited Accounts Payable Owner's Drawings Cost of Goods Sold 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. + 120 157 Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent
Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 Equipment 157 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 (a) 15 16 19 29 201 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. ount Debited Accounts Payable Owner's Drawings Cost of Goods Sold 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. + 120 157 Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Blossom Company's chart of accounts includes the following selected accounts.
101 Cash
120
Inventory
130 Prepaid Insurance 505
Equipment
157
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
(a)
5
10
15
16
19
29
Purchased merchandise, check no. 63, $200.
ount Debited
201
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.
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
→
306
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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