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I need help preparing journal entries for the transaction listed above,along with the trial balance for January 1,2025.I have already listed out the account names
I need help preparing journal entries for the transaction listed above,along with the trial balance for January 1,2025.I have already listed out the account names and dates i just cannot get the correct numbers.Can anyone help????pleaseee
During January 2025 , the following transactions occurred. Blossom uses the perpetual inventory system. Jan. 1 Blossom accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $2,400 account. 3 Blossom wrote off as uncollectible the accounts of Walter Corporation ($500) and Drake Company ($200). 8 Blossom purchased $18,110 of inventory on account. 11 Blossom sold for $26,200 on account inventory that cost $18,650. 15 Blossom sold inventory that cost $650 to Jack Rice for $1,000. Rice charged this amount on his Visa First Bank card. The service fee charged Blossom by First Bank is 3%. 17 Blossom collected $21,900 from customers on account. 21 Blossom paid $17,480 on accounts payable. 24 Blossom received payment in full (\$200) from Drake Company on the account written off on January 3. 27 Blossom purchased advertising supplies for $1,280 cash. 27 Blossom purchased advertising supplies for $1,280 cash. 31 Blossom paid other operating expenses, $2,940. Adjustment data: 1. Interest is recorded for the month on the note from January 1. 2. Uncollectibles are expected to be 6% of the January 31,2025 , accounts receivable. 3. A count of advertising supplies on January 31,2025 , reveals that $550 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.)Step by Step Solution
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