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3 years ago

This information relates to Blossom Co..

Business

1 answer:

GarryVolchara [31]3 years ago

3 0

Answer:

1. Apr 5

Dr Merchandise inventory $28,800

Cr Account payable $28,800

Apr 6

Dr Merchandise inventory $620

Cr Cash $620

Apr 7

Dr Equipment $34,200

Cr Account payable $34,200

Apr 8

Dr Account payable $3,500

Cr Merchandise inventory $3,500

Apr 15

Dr Account payable $25,300

Cr Cash $24,288

Cr Merchandise inventory $1,012

b) May 4

Dr Account payable $25,300

Cr Cash $25,300

Explanation:

1. Preparation of the journal entries to record the transactions listed above on Blossom Co.’s books. using a perpetual inventory system.

Apr 5

Dr Merchandise inventory $28,800

Cr Account payable $28,800

Apr 6

Dr Merchandise inventory $620

Cr Cash $620

Apr 7

Dr Equipment $34,200

Cr Account payable $34,200

Apr 8

Dr Account payable $3,500

Cr Merchandise inventory $3,500

Apr 15

Dr Account payable $25,300

($28,800-$3500)

Cr Cash (25,300*96%) $24,288

Cr Merchandise inventory $1,012

($25,300-$24,288)

b) Preparation of the journal entry to record this payment.

May 4

Dr Account payable $25,300

($28,800-$3500)

Cr Cash $25,300

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