The following events pertain to the Bloom Garden Supply Company for April 2016.The company uses the periodic inventory system.
1)April 4 Purchased $10,000 of merchandise on account,terms 1/10,n/30,FOB shipping point.
2)April 5 Paid shipping cost of $1,100 on the Jan.4 purchase.
3)April 6 Returned $1,200 of the merchandise purchased on Jan.4.
4)April 7 Sold merchandise for $5,800 on account,terms 2/10,n/30,FOB Destination.
5)April 7 Paid the shipping cost of $350 on the previous sale.
6)April 10 Recorded the discount and paid the amount due from the purchase of merchandise on April 4.
7)April 28 Sold merchandise for $7,200 cash.
Required: a)Record the above transactions in general journal form.
b)Bloom's beginning inventory balance for April was $35,000.A physical count of inventory on April 30 revealed $33,600 of merchandise on hand.Calculate Bloom's cost of goods available for sale and cost of goods sold for April.

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The Answer of The following events pertain to the Bloom Garden Supply Company for April 2016.The company uses the periodic inventory system.
1)April 4 Purchased $10,000 of merchandise on account,terms 1/10,n/30,FOB shipping point.
2)April 5 Paid shipping cost of $1,100 on the Jan.4 purchase.
3)April 6 Returned $1,200 of the merchandise purchased on Jan.4.
4)April 7 Sold merchandise for $5,800 on account,terms 2/10,n/30,FOB Destination.
5)April 7 Paid the shipping cost of $350 on the previous sale.
6)April 10 Recorded the discount and paid the amount due from the purchase of merchandise on April 4.
7)April 28 Sold merchandise for $7,200 cash.
Required: a)Record the above transactions in general journal form.
b)Bloom's beginning inventory balance for April was $35,000.A physical count of inventory on April 30 revealed $33,600 of merchandise on hand.Calculate Bloom's cost of goods available for sale and cost of goods sold for April.

The Following Events Pertain to the Bloom Garden Supply Company