a

b

Blossom Compary commenced operations on July 1. Blossom Company uses a periodic irventory system. During July, Blossom Company was involved in the following transactions and events: July 2 Purchased $14,000 of merchandise from Suppliers inc on account, terms 2/10,n/30, FOB shipping point. 3 Returned $1,200 of merchandise to Suppliers inc as it was damaged. Received a credit on account from Suppliers. 4 Paid $500 of freight costs on July 2 shipment. 8 Sold merchandise for $2,000cash 11 Paid Suppliers Inc, the full amount owing. 15 Sold merchandise for $6,000 on account, 1/10, n/30, FOB shipping point. 25 Received full payment for the merchandise sold on July 15. 31 Blossom did a physical count and determined there was $9,500 of inventory on hand. Record the transactions in Blossom Company's books, (Croft ocoount thles are oultomaticolly ndented when the amount is entered. Do not indent monually. IY ne entry k reguived, seled "7. Eintry' for the occount tides and enter 0 for the omounts. Record joumal entrles in the onder presented hn the problem. Lst ol dibk entries before aredit entries. Question 4 of 5 133 (Payment on account.) (To record sales on account) (Collection on account.) eTextbook and Media Sune for Later Attempts: 0 of 2 used Stbriit Answer 128 Question Part Score What was Blossom' gross profit for July? Gross profit