Blossom Company uses the chart of accounts shown below. 1. Cash Accounts Receivable 3. Sales Revenue...

Transcribed Image Text:

Blossom Company uses the chart of accounts shown below. 1. Cash Accounts Receivable 3. Sales Revenue 4. Dividends Payable 5. Preferred Stock 6. Common Stock 7. Paid-in Capital in Excess of Par Value-Preferred Stock 8. Paid-in Capital in Excess of Par Value-Common Stock 9. Treasury Stock 10 Cash Dividends 11. Stock Dividends 12. No Entry Use the numbers preceding each account title to create journal entries for each situation. Account titles may be used more than once, or not at all, and journal entries may have multiple accounts. Item 0 is provided as an example. (Enter answers in numerical order on multiple entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2. 0. Collected cash from a customer, $496 1. Received authorization from the State for 49,600 shares of $0.40 par value common stock 2. Issued 6,200 shares common stock for $8 per share 3. Declared a $0.60 cash dividend per share to common stockholders 4. Purchased 2,480 shares of the company's own common stock at $11.00 per share 5. Paid the dividends previously declared Account(s) Account(s) Debited Credited Debit Amount Credit Amount $496 $496 2$ 2$ 2$ 2$ 2$ 2$ $4 2$ 2$ $ > Blossom Company uses the chart of accounts shown below. 1. Cash Accounts Receivable 3. Sales Revenue 4. Dividends Payable 5. Preferred Stock 6. Common Stock 7. Paid-in Capital in Excess of Par Value-Preferred Stock 8. Paid-in Capital in Excess of Par Value-Common Stock 9. Treasury Stock 10 Cash Dividends 11. Stock Dividends 12. No Entry Use the numbers preceding each account title to create journal entries for each situation. Account titles may be used more than once, or not at all, and journal entries may have multiple accounts. Item 0 is provided as an example. (Enter answers in numerical order on multiple entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2. 0. Collected cash from a customer, $496 1. Received authorization from the State for 49,600 shares of $0.40 par value common stock 2. Issued 6,200 shares common stock for $8 per share 3. Declared a $0.60 cash dividend per share to common stockholders 4. Purchased 2,480 shares of the company's own common stock at $11.00 per share 5. Paid the dividends previously declared Account(s) Account(s) Debited Credited Debit Amount Credit Amount $496 $496 2$ 2$ 2$ 2$ 2$ 2$ $4 2$ 2$ $ >

Answer rating: 100% (QA)

Answer Account Debited Accoun... View the full answer