Intermediate Accounting 105Please, may I have the solution for this problem? Thank you ### Transactions of Blossom Company for AugustBlossom 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 RequirementsAssuming 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.

Answered: Some of the transactions of Blossom…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Intermediate Accounting 105

Please, may I have the solution for this problem?

Thank you

### 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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