Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 7-01A a-c (Part Level Submission) (Video) Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Problem 7-01A a-c (Part Level Submission) (Video) Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales Revenue 112 Accounts Receivable 414 Sales Discounts 120 Inventory 505 Cost of Goods Sold 301 Owner's Capital On April 1, the accounts receivable ledger of Blossom Company showed the following balances: Apr. 1 The owner, T. Blossom, invested additional cash in the business $7,260. 4 Received check for payment of account from Dent less 2% cash discount. 5 Received check for $900 in payment of invoice no. 307 from Jennings Co. 8 Made cash sales of merchandise totaling $7.285. The cost of the merchandise so 10 Received check for $635 in payment of invoice no. 309 from Morrow. 11 Received cash refund from a supplier for damaged merchandise $690. 23 Received check for $1,145 in payment of invoice no. 310 from Jennings Co. 29 Received check for payment of account from Rose (no cash discount allowed). (a) Your answer is partially correct. Try again. Journalize the transactions above in a six-column cash receipts journal and cross-foot the journal. Cash Receipts Jouma Date Account Credited Ref. Cash Dr. Sales Discounts Dr. Accounts Receiv I owner's Capital 301 Dent OVE PPPPPP counts. the following balances: Morrow $1,600, Rose $1,210, Jennings Co. $2.910, and Dent $2.150. The April transactions involving the receipt of cash s $7.260. sh discount. ennings Co. che merchandise sold was $4,371.00. Horrow. se $690. Jennings Co. scount allowed) and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to o decimal places, e.g. 5,275.) Cash Receipts Journal Cost of Goods Sold Dr. Inventory Cr unts Dr. Accounts Receivable Cr. Other Accounts Cr. Forros cs (b) Insert the beginning balances in the Accounts Receivable control and subsidiary accounts and post the April transactions to these accounts (Pos General Ledger Acos Receivable Explanation Ref. Debit No. 112 Balance Credit Balance Accounts Receivable Subsidiary Ledger Horrow Date Debit Credit Balance Explanation Ref. Balance Rose Date Explanation Ref. Debit Credit Balance Jennings Co. Explanation Ref. Debit CRIS Dent Date Debat Explanation Ref. Balance Click if you would like to show Work for this questioni Qen Show Work LINK TO TEXT UNK TO TEXT Type here to search U II Weygandt, Accounting Principles, 13e l ei Stem Announcements Insert the beginning balances in the Accounts Receivable control and subsidiary accounts, and post the April transactions to these accou General Ledger Accounts Receivable Date Explanation Ref. Debit No. 112 Credit Baland . Balance Accounts Receivable Subsidiary Ledger Morrow Explanation Ref. Debit Credit Balance Balance CRI Date Explanation Ref. Debit Credit Balance CRI Jennings Co. Date Explanation Ref. Debit Credit Balance Balance Date Explanation Ref. Debit Credit Balance CR1 Click if you would like to show Work for this question: Open Show Work UNK TO TEXT UNK TO TEXT Type here to search

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Inventory

Authors: Steven M. Bragg

2nd Edition

1938910648, 9781938910647

More Books

Students also viewed these Accounting questions

Question

explain the negativity bias;

Answered: 1 week ago

Question

Understand the goals of succession planning

Answered: 1 week ago