Prepare original and adjusting journal entres for payments Ouellette & Associates began operations on January 1, 2002. Its fiscal year end is Decem- ber 31, and it only prepares financial statements and adjusts its accounts annually. Selected trans- actions during 2002 follow: 1. On January 1, 2002, bought office supplies for $4,500 cash. A physical count at December 31, 2002, revealed $900 of supplies was still on hand. 2. Bought a $3,600 one-year insurance policy for cash on September 1, 2002. The policy came into effect on this date. 3. On November 15, Ouellette received a $1,200 advance cash payment from a dient for account- ing services expected to be provided in the future. As at December 31, all of these services had been performed. A On December 15, the company rented out excess office space for a six-month period starting on this date, and received a $460 cheque for the first month's rent.

The following items were selected from among the transactions completed by Sherwood Co. during the current year: Mar. 1 Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30.   31 Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account. Apr. 30 Paid Kirkwood Co. the amount owed on the note of March 31. Jun. 1 Borrowed $600,000 from Triple Creek Bank, issuing a 45-day, 6% note. Jul. 1 Purchased tools by issuing a $50,000, 60-day note to Poulin Co., which discounted the note at the rate of 6%.   16 Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30-day, 7% note for $600,000. (Journalize both the debit and credit to the notes payable account.) Aug. 15 Paid Triple Creek Bank the amount due on the note of July 16.   30 Paid Poulin Co. the amount due on the note of July 1. Dec. 1 Purchased equipment from Greenwood Co. for $280,000, paying $80,000 cash and issuing a series of ten 9% notes for…

Please answer the 2 following questions:

Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…