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frutty [35]
3 years ago
15

Blossom Co. records purchases at net amounts and uses periodic inventories. Prepare entries for the following: (Credit account t

itles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) June 11 Purchased merchandise on account, $19,000, terms 2/10, n/30. 15 Returned part of June 11 purchase, $750, and received credit on account. 30 Prepared the adjusting entry required for financial statements.
Business
1 answer:
xz_007 [3.2K]3 years ago
7 0

Answer:

See the explanation below

Explanation:

Blossom Co. Journal Entries

Date            Details                            DR ($)               CR ($)

June 11        Purchases                      19,000

                   Accounts payable                                 19,000    

                  <em> Being the purchase of merchandise on account</em>

June 15       Account payable                750

                   Return outward                                         750        

                   <em>Being the return of a part of the merchandise purchased</em>

Note:

Blossom Co. returned the goods within 10 days, the full amount of the good returned will be charged to the accounts receivable.

Also, assuming that Blossom Co. within 10 days, it will enjoy 2% discount on the outstanding accounts payable and this will be calculated and recorded as follows:

Cash paid within 10 days = (19,000 - 750) × 98% = 17,885  

Date            Details                            DR ($)               CR ($)

                   Account payable            17,885  

                   Cash                                                          17,885        

                   <em>Being cash paid for the merchandise purchased</em>

However, if it pays after 10 days, the transactions will be as follows:

Cash paid after 10 days but on or before 30th day = 19,000 - 750 = 17,885  

Date            Details                            DR ($)               CR ($)

                   Account payable            18,250  

                   Cash                                                          18,250        

                   <em>Being cash paid for the merchandise purchased</em>

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The case filed by Gerwin against Baker will be null and void, as thee is no existence of any legal contract between the parties as such.

<h3>What is a legal contract?</h3>

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Answer:

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The formula is shown below:

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