Assume that Blossom Company received the balance due from Ayayai Co. on January 2 of the following year instead of December 13. Prepare the journal entry to record the receipt of payment on January 2.

See explanation

Explanation:

If Blossom Company received on December 13 (Assuming perpetual inventory system was used), the journal entry to record the receipt -

Debit     Cash                     $466,970

Debit     Sales Discount     $9,530

Credit    Accounts receivable   $476,500

Giving 2% discount to the customer after the sales return and allowances because the customer paid the amount within the terms 2/10, n/30.

As the customer failed to pay on December 13 and paid on January 2, the company did not receive the sales discount. And the following journal entry will be required -

Debit      Cash                $476,500

Credit     Accounts receivable      $476,500

After deducting the sales returns, Blossom company will receive the payment.

our agriculture industry and our business industry

muslims control the north africa during the period of 1500 up

to 1800. they made a barrier to prevent further european exploration from

entering the africa from the north. however, the dutch ware still able to move

toward the interior with having south africa as one of the routes leading to

the east for trading with asia.