Blossom Company's balance sheet at December 31, 2021, is presented below. Blossom Company Balance Sheet December 31, 2021 Cash Accounts payable $8,650 $13,850 21.200 Accounts receivable Common stock 19.000 Allowance for doubtful accounts (810) Retained earnings 15,800 Inventory 9.210 $43,450 $43.450 During January 2022. the following transactions occurred Blossom uses the perpetual inventory method. Jan 1 Blossom accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account. 3 Blossom wrote off as uncollectible the accounts of Walter Corporation (5400) and Drake Company ($2001. 8 Blossom purchased $18.420 of inventory on account. 11 Blossom sold for $25.500 on account inventory that cost $16,150. 15 Blossom sold inventory that cost $770 to Jack Rice for $1,100. Rice charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3% 17 Blossom collected 521.800 from customers on account. 21 Blossom paid $17640 on accounts payable. Type here to search 44 PM M18/2020 Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2. Bad debts are expected to be 6% of the January 31, 2022, accounts receivable. 3. A count of advertising supplies on January 31, 2022 reveals that $540 remains unused. 4. The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount:round to whole dollars.) [You may want to set up T-accounts to determine ending balances.) Prepare journal entries for the transactions listed above and adjusting entries. (Include entries for cost of goods sold using the perpetual inventory system) (Round answers to decimal places, eg. 1.250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit E Type here to search (To record sales revenues.) (To record cost of goods sold.) To record sales revenues and service charges.) To record cost of goods sold) Type here to search (To reverse allowance for doubtful debts.) (To record cash received from Drake Company) e Textbook and Media List of Accounts Prepare an adjusted trial balance at January 31, 2022. (Round answers to decimal places, eg. 1.250.) BLOSSOM COMPANY Adjusted Trial Balance Type here to search Debit Credit Totals e Textbook and Media List of Accounts Prepare an income statement for the month ending January 31, 2022. (Round answers to decimal places, eg. 1,250.) BLOSSOM COMPANY Income Statement Type here to search eTextbook and Media List of Accounts Prepare a retained earnings statement for the month ending January 31, 2022. (Round answers to decimal places, eg. 1,250.) BLOSSOM COMPANY Retained Earnings Statement e Textbook and Media Type here to search Prepare a classified balance sheet as of January 31, 2022. (List Current Assets in order of liquidity. Round answers to decimal places, eg. 1,250.) BLOSSOM COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity eTextbook and Media List of Accounts Blossom Company's balance sheet at December 31, 2021, is presented below. Blossom Company Balance Sheet December 31, 2021 Cash Accounts payable $8,650 $13,850 21.200 Accounts receivable Common stock 19.000 Allowance for doubtful accounts (810) Retained earnings 15,800 Inventory 9.210 $43,450 $43.450 During January 2022. the following transactions occurred Blossom uses the perpetual inventory method. Jan 1 Blossom accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account. 3 Blossom wrote off as uncollectible the accounts of Walter Corporation (5400) and Drake Company ($2001. 8 Blossom purchased $18.420 of inventory on account. 11 Blossom sold for $25.500 on account inventory that cost $16,150. 15 Blossom sold inventory that cost $770 to Jack Rice for $1,100. Rice charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3% 17 Blossom collected 521.800 from customers on account. 21 Blossom paid $17640 on accounts payable. Type here to search 44 PM M18/2020 Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2. Bad debts are expected to be 6% of the January 31, 2022, accounts receivable. 3. A count of advertising supplies on January 31, 2022 reveals that $540 remains unused. 4. The income tax rate is 30%. (Hint: Prepare the income statement up to Income before taxes and multiply by 30% to compute the amount:round to whole dollars.) [You may want to set up T-accounts to determine ending balances.) Prepare journal entries for the transactions listed above and adjusting entries. (Include entries for cost of goods sold using the perpetual inventory system) (Round answers to decimal places, eg. 1.250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem Date Account Titles and Explanation Debit Credit E Type here to search (To record sales revenues.) (To record cost of goods sold.) To record sales revenues and service charges.) To record cost of goods sold) Type here to search (To reverse allowance for doubtful debts.) (To record cash received from Drake Company) e Textbook and Media List of Accounts Prepare an adjusted trial balance at January 31, 2022. (Round answers to decimal places, eg. 1.250.) BLOSSOM COMPANY Adjusted Trial Balance Type here to search Debit Credit Totals e Textbook and Media List of Accounts Prepare an income statement for the month ending January 31, 2022. (Round answers to decimal places, eg. 1,250.) BLOSSOM COMPANY Income Statement Type here to search eTextbook and Media List of Accounts Prepare a retained earnings statement for the month ending January 31, 2022. (Round answers to decimal places, eg. 1,250.) BLOSSOM COMPANY Retained Earnings Statement e Textbook and Media Type here to search Prepare a classified balance sheet as of January 31, 2022. (List Current Assets in order of liquidity. Round answers to decimal places, eg. 1,250.) BLOSSOM COMPANY Balance Sheet Assets Liabilities and Stockholders' Equity eTextbook and Media List of Accounts