Record the transaction for Blossom supply Co. Blossom Supply Co. has the following transactions: Nov. 1 15

Record the transaction for Blossom supply Co.

Transcribed Image Text:

Blossom Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June Loaned $61,200 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Blossom $9,000. Blossom uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $24,000, three-month, 5% note. The goods cost Blossom $16,000. H. Giorgi was unable to pay her account. Giorgi gave Blossom a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. 15 H. Giorgi defaulted on the note. Future payment is expected. Blossom Supply Co. has the following transactions: Nov. 1 15 Dec. 1 15 31 Mar. 1 June Loaned $61,200 cash to A. Morgan on a one-year, 7% note. Sold goods to H. Giorgi on account for $14,400, terms n/30. The goods cost Blossom $9,000. Blossom uses the perpetual inventory system. Sold goods to Wrightman Inc., receiving a $24,000, three-month, 5% note. The goods cost Blossom $16,000. H. Giorgi was unable to pay her account. Giorgi gave Blossom a six-month, 6% note in settlement of her account. Accrued interest revenue on all notes receivable. Interest is due at maturity. Collected the amount owing on the Wrightman note. 15 H. Giorgi defaulted on the note. Future payment is expected.