Inventory Accounts receivable Allowance for doubtful accounts Cash Jan. 1 3 8 Blossom Ltd. Statement of Financial Position December 31, 2024 £9,400 19,100 11 15 17 (900) 13,600 £41,200 Share Capital-ordinary Retained earnings Accounts payable £20,000 During January 2025, the following transactions occurred. Blossom uses the perpetual inventory method. 12.200 9,000 £41.200 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's £1,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation (£400) and Goza Company (£300). Blossom purchased £17,400 of inventory on account. Blossom sold for £27,500 on account inventory that cost £17,700. Blossom sold inventory that cost £800 to Mark Lauber for £1,400. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected £21,800 from customers on account.

Inventory Accounts receivable Allowance for doubtful accounts Cash Jan. 1 3 8 Blossom Ltd. Statement of Financial Position December 31, 2024 £9,400 19,100 11 15 17 (900) 13,600 £41,200 Share Capital-ordinary Retained earnings Accounts payable £20,000 During January 2025, the following transactions occurred. Blossom uses the perpetual inventory method. 12.200 9,000 £41.200 Blossom accepted a 4-month, 8% note from Merando Company in payment of Merando's £1,200 account. Blossom wrote off as uncollectible the accounts of Inwood Corporation (£400) and Goza Company (£300). Blossom purchased £17,400 of inventory on account. Blossom sold for £27,500 on account inventory that cost £17,700. Blossom sold inventory that cost £800 to Mark Lauber for £1,400. Lauber charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. Blossom collected £21,800 from customers on account.

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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