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( b ) Blossom Company purchased a franchise from the Cullumber Food Company for $ 5 7 6 , 0 0 0 on January 1
b
Blossom Company purchased a franchise from the Cullumber Food Company for $ on January The franchise is
for an indefinite time period and gives Blossom Company the exclusive rights to sell Tasty Wings in a particular territory.
Prepare the journal entry to record the acquisition of the franchise and any necessary adjusting entry at yearend on December
If no entry is required, select No Entry" for the account titles and enter for the amounts. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.
Date
Account Titles and Explanation
Debit
Cre
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