(Solved): Blossom Corporation uses a periodic inventory system and the gross method of accounting for purchase ...

Blossom Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Blossom purchased \( \$ 68,000 \) of inventory, terms \( 2 / 10, n / 30 \), FOB shipping point. (2) Blossom paid freight costs of \( \$ 1,105 \). (b) On July 3, Blossom returned damaged goods and received credit of \$6,800. (c) On July 10, Blossom paid for the goods. Prepare all necessary journal entries for Blossom. (lf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Blossom Corporation uses a periodic inventory system and the gross method of accounting for purchase discounts. (a) On July 1, (1) Blossom purchased \( \$ 68,000 \) of inventory, terms \( 2 / 10, n / 30 \), FOB shipping point. (2) Blossom paid freight costs of \( \$ 1,105 \). (b) On July 3, Blossom returned damaged goods and received credit of \$6,800. (c) On July 10, Blossom paid for the goods. Prepare all necessary journal entries for Blossom. (lf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) No. Date Account Titles and Explanation (a) (1) (a) (2) (b) Accounts Payable Purchase Returns and Allowances (c) Accounts Payable Purchase Discounts