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Blossom Ltd's Ltd's statement of financial position at December 31, 2024, is presented below. 21 24 1. Inventory Accounts receivable Allowance for doubtful accounts 27 2. 31 3. Cash (a) Jan. 1 3 8 11 15 Adjustment data: Blossom Ltd. Statement of Financial Position December 31, 2024 £ 9,400 19,100 During January 2025, the following transactions occurred. Blossom uses the perpetual inventory method. 17 (900) 13,600 £41,200 Share Capital-ordinary. £20,000 Retained earnings Accounts payable 12,200 9,000 £41.200 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's £1,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation (£400) and Goza Company (£300). Blossom purchased £17,400 of inventory on account. Blossom sold for £27,500 on account inventory that cost £17,700. Blossom sold inventory that cost £800 to Mark Lauber for £1,400. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected £21,800 from customers on account. Blossom paid £17,000 on accounts payable. Blossom received payment in full (£300) from Goza on the account written off on January 3. Blossom purchased supplies for £1,450 cash. Blossom paid other operating expenses, £3,000. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2025, accounts receivable. A count of supplies on January 31, 2025, reveals that £400 remains unused. Prepare journal entries for the above transactions and the adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Blossom Ltd's Ltd's statement of financial position at December 31, 2024, is presented below. 21 24 1. Inventory Accounts receivable Allowance for doubtful accounts 27 2. 31 3. Cash (a) Jan. 1 3 8 11 15 Adjustment data: Blossom Ltd. Statement of Financial Position December 31, 2024 £ 9,400 19,100 During January 2025, the following transactions occurred. Blossom uses the perpetual inventory method. 17 (900) 13,600 £41,200 Share Capital-ordinary. £20,000 Retained earnings Accounts payable 12,200 9,000 £41.200 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's £1,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation (£400) and Goza Company (£300). Blossom purchased £17,400 of inventory on account. Blossom sold for £27,500 on account inventory that cost £17,700. Blossom sold inventory that cost £800 to Mark Lauber for £1,400. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected £21,800 from customers on account. Blossom paid £17,000 on accounts payable. Blossom received payment in full (£300) from Goza on the account written off on January 3. Blossom purchased supplies for £1,450 cash. Blossom paid other operating expenses, £3,000. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2025, accounts receivable. A count of supplies on January 31, 2025, reveals that £400 remains unused. Prepare journal entries for the above transactions and the adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 9RE: RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of...
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Blossom Ltd's Ltd's statement of financial position at December 31, 2024, is presented below. 21 24 1. Inventory Accounts receivable Allowance for doubtful accounts 27 2. 31 3. Cash (a) Jan. 1 3 8 11 15 Adjustment data: Blossom Ltd. Statement of Financial Position December 31, 2024 £ 9,400 19,100 During January 2025, the following transactions occurred. Blossom uses the perpetual inventory method. 17 (900) 13,600 £41,200 Share Capital-ordinary. £20,000 Retained earnings Accounts payable 12,200 9,000 £41.200 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's £1,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation (£400) and Goza Company (£300). Blossom purchased £17,400 of inventory on account. Blossom sold for £27,500 on account inventory that cost £17,700. Blossom sold inventory that cost £800 to Mark Lauber for £1,400. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected £21,800 from customers on account. Blossom paid £17,000 on accounts payable. Blossom received payment in full (£300) from Goza on the account written off on January 3. Blossom purchased supplies for £1,450 cash. Blossom paid other operating expenses, £3,000. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2025, accounts receivable. A count of supplies on January 31, 2025, reveals that £400 remains unused. Prepare journal entries for the above transactions and the adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
Transcribed Image Text:Blossom Ltd's Ltd's statement of financial position at December 31, 2024, is presented below. 21 24 1. Inventory Accounts receivable Allowance for doubtful accounts 27 2. 31 3. Cash (a) Jan. 1 3 8 11 15 Adjustment data: Blossom Ltd. Statement of Financial Position December 31, 2024 £ 9,400 19,100 During January 2025, the following transactions occurred. Blossom uses the perpetual inventory method. 17 (900) 13,600 £41,200 Share Capital-ordinary. £20,000 Retained earnings Accounts payable 12,200 9,000 £41.200 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's £1,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation (£400) and Goza Company (£300). Blossom purchased £17,400 of inventory on account. Blossom sold for £27,500 on account inventory that cost £17,700. Blossom sold inventory that cost £800 to Mark Lauber for £1,400. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected £21,800 from customers on account. Blossom paid £17,000 on accounts payable. Blossom received payment in full (£300) from Goza on the account written off on January 3. Blossom purchased supplies for £1,450 cash. Blossom paid other operating expenses, £3,000. Interest is recorded for the month on the note from January 1. Bad debts are expected to be 6% of the January 31, 2025, accounts receivable. A count of supplies on January 31, 2025, reveals that £400 remains unused. Prepare journal entries for the above transactions and the adjusting entries. (Include entries for cost of goods sold using the perpetual system.) (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
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