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Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 Equipment 157 Oct. 1 On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 3 5 10 (a) 15 16 19 29 201 Purchased merchandise, check no. 63, $200. Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70. ount Debited Accounts Payable Owner's Drawings Cost of Goods Sold Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr. Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Ref. + 120 157 Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent

Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 Equipment 157 Oct. 1 On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 3 5 10 (a) 15 16 19 29 201 Purchased merchandise, check no. 63, $200. Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70. ount Debited Accounts Payable Owner's Drawings Cost of Goods Sold Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr. Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Ref. + 120 157 Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 8E
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Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 130 Prepaid Insurance 505 Equipment 157 Oct. 1 On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 3 (a) 5 10 15 16 19 29 Purchased merchandise, check no. 63, $200. ount Debited 201 Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70. Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Ref. + 120 → 306 Accounts Payable Owner's Drawings Cost of Goods Sold 157 V Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent
Transcribed Image Text:Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 130 Prepaid Insurance 505 Equipment 157 Oct. 1 On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company $2,500, Orr Co. $2,450, Rosenthal Co. $1,700, and Clevenger Company $3,650. The October transactions involving the payment of cash were as follows. 3 (a) 5 10 15 16 19 29 Purchased merchandise, check no. 63, $200. ount Debited 201 Purchased equipment, check no. 64, $750. Paid Uggla Company balance due of $2,500, less 2% discount, check no. 65, $2,450. Purchased merchandise, check no. 66, $2,200. Paid Rosenthal Co. balance due of $1,700, check no. 67. C. Blossom, the owner, pays his personal insurance premium of $300, check no. 68. Paid Orr Co. in full for invoice no. 610, $1,900 less 2% cash discount, check no. 69, $1,862. Paid Clevenger Company in full for invoice no. 264, $2,400, check no. 70. Journalize the transactions above in a four-column cash payments journal with columns for Other Accounts Dr., Accounts Payable Dr., Inventory Cr., and Cash Cr. Foot and cross-foot the journal. (Record entries in the order displayed in the problem statement. Round answers to 0 decimal places, e.g. 5,275.) Ref. + 120 → 306 Accounts Payable Owner's Drawings Cost of Goods Sold 157 V Cash Payments Journal Other Accounts Dr. Accounts Payable Dr. Invent
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