Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 157 Equipment 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 15 16 19 201 29 Accounts Payable Owner's Drawings Cost of Goods Sold 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.

Blossom Company's chart of accounts includes the following selected accounts. 101 Cash 120 Inventory 306 130 Prepaid Insurance 505 157 Equipment 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 15 16 19 201 29 Accounts Payable Owner's Drawings Cost of Goods Sold 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.

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Description: Give me correct answer with explanation.m Blossom Company's chart of accounts includes the following selected accounts.101 Cash120130157Oct.13(a)On October 1, the accounts payable ledger of Blossom Company showed the following balances: Uggla Company

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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