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Blossom & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the
Blossom & Associates records adjusting entries on an annual basis. The company has the following information available on accruals that must be recorded for the year ended December :
Blossom has a $ note receivable with a customer. The customer pays the interest on a monthly basis on the first of the month. Assume the customer pays the correct amount each month.
Blossom pays its employees a total of $ every second Friday. Employees work a fiveday week, Monday to Friday, and are paid for all statutory holidays. Assume December is a Friday. Employees were last paid up to the Friday of the prior week.
Blossom has a contract with a customer where it provides services prior to billing the customer. On December this customer owed Blossom $ Blossom billed the customer on January and collected the full amount on January
Blossom received the $ December utility bill on January The bill was paid on its due date, January
Blossom has a $ note payable. Interest is paid every six months, on April and October Assume that Blossom made the correct interest payments on April and October Prepare the journal entries to record the related cash transactions in Assume all payments and receipts are made as
indicated. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to the
nearest whole dollar, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal
entries in the order presented in the problem. List all debit entries before credit entries.
Date
Account Titles and Explanation
Debit
Credit
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