On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. During December, the company completed the following transactions. 17 19 22 26 31 Adjustment data: Debit $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable 7,000 Common Stock 15,500 Retained Earnings 1,700 29,000 $74,400 Credit Depreciation was $200 per month. Insurance of $400 expired in December. $2,900 6,200 50,100 15,200 Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). $74,400

On December 1, 2022, Blossom Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment Dec. 7 1. 12 2. During December, the company completed the following transactions. 17 19 22 26 31 Adjustment data: Debit $18,800 Accumulated Depreciation-Equipment 2,400 Accounts Payable 7,000 Common Stock 15,500 Retained Earnings 1,700 29,000 $74,400 Credit Depreciation was $200 per month. Insurance of $400 expired in December. $2,900 6,200 50,100 15,200 Received $3,600 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Vance Co. $12,400, terms 1/10, n/30. Sold merchandise on account $16,400, terms 2/10, n/30. The cost of the merchandise sold was $9,600. Paid salaries $2,100. Paid Vance Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,800 cash from customers in payment of account (no discount allowed). $74,400

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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