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Blossom Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 Loaned $60,000 cash to A. Morgan on a one-year, 7% note. Sold
Blossom Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 Loaned $60,000 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $12,000, terms n/30. The goods cost Blossom $7.500. Blossom uses the perpetual inventory system. Sold goods to Wrightman, Inc., receiving a $21,600, three-month, 5% note. The goods cost Blossom $14,400. H. Giorgi was unable to pay her account. Giorgi gave Blossom a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. H. Giorgi defaulted on the note. Future payment is expected, 31 Mar. 1 June 15 Record the transactions for Blossom Supply Co, Blossom Supply Co. has no stated return policy. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter "o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit (Lend cash in exchange for a note.) (To record sales on account.) (To record cost of goods sold.) (To record sales in exchange for a note receivable.) (Accept note for accounts receivable.) (Accrue interest earnec.)
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