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Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method. August 10 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.

Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method. August 10 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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Intermediate Accounting 105

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Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method. August 10 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.
Transcribed Image Text:Some of the transactions of Blossom Company during August are listed below. Blossom uses the periodic inventory method. August 10 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 net amounts and that discounts lost are treated as financial expenses: Prepare general journal entries to enter the transactions. (If no entry is required, select "No entry" for the account titles and enter O 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 LOOD Credit
Transcribed Image Text:Assuming that purchases are recorded at net amounts and that discounts lost are treated as financial expenses: Prepare general journal entries to enter the transactions. (If no entry is required, select "No entry" for the account titles and enter O 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 LOOD Credit
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