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Blossom Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Blossom purchased merchandise inventory at a cost of
Blossom Company is a furniture retailer and uses the perpetual inventory system. On January 14, 2022, Blossom purchased merchandise inventory at a cost of $36,000. The inventory was sold on account for $48,000 on January 21, 2022. The accounts payable was settled on January 23, 2022, and the accounts receivables was settled on January 30, 2022. Use a tabular summary to record each of these transactions. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
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