Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method. August 10 (a1) 13 15 25 28 Purchased merchandise on account, $12,500, terms 2/10, n/30. Returned part of the purchase of August 10, $1,300, and received credit on account. Purchased merchandise on account, $15,700, terms 1/10, n/60. Purchased merchandise on account, $19,800, terms 2/10, n/30. Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Prepare general journal entries to record the transactions. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method. August 10 (a1) 13 15 25 28 Purchased merchandise on account, $12,500, terms 2/10, n/30. Returned part of the purchase of August 10, $1,300, and received credit on account. Purchased merchandise on account, $15,700, terms 1/10, n/60. Purchased merchandise on account, $19,800, terms 2/10, n/30. Paid invoice of August 15 in full. Assuming that purchases are recorded at gross amounts and that discounts are to be recorded when taken: Prepare general journal entries to record the transactions. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Chapter1: Financial Statements And Business Decisions
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Intermediate Accounting 105
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
Transcribed Image Text:### Transactions of Blossom Company for August
Blossom Company, utilizing the periodic inventory method, recorded several transactions during August as follows:
- **August 10**: Purchased merchandise on account for $12,500 with terms 2/10, n/30.
- **August 13**: Returned part of the purchase from August 10 valued at $1,300, and received a credit on account.
- **August 15**: Purchased additional merchandise on account for $15,700 with terms 1/10, n/60.
- **August 25**: Purchased merchandise on account for $19,800 with terms 2/10, n/30.
- **August 28**: Paid the invoice from August 15 in full.
### Journal Entries Requirements
Assuming purchases are recorded at gross amounts and discounts are recorded when taken, the task is to prepare general journal entries for these transactions. Note the following instructions:
- If no entry is required, select "No entry" for account titles and enter 0 for amounts.
- Credit account titles are automatically indented when the amount is entered; therefore, manual indentation is not necessary.
- Always list debit entries before credit entries.
#### Journal Entries Table Template
| Date | Account Titles and Explanation | Debit | Credit |
|------|--------------------------------|-------|--------|
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
This template can be used to input the specific account titles, descriptions, and amounts for each transaction to complete your records.
Expert Solution

Step 1: Define Periodic Inventory Method
Periodic Inventory Method: It refers to a method that is used by a business for the valuation of it's inventory. Under this method, the physical count of inventory is performed by the business at particular or specific intervals and then inventory accounts are updated accordingly.
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