On March 10, 2025, Blossom Company sold to Bridgeport Hardware 230 tool sets at a price of $53 each (cost $28 per set) with terms of n/60, f.o.b. shipping point. Blossom allows Bridgeport to return any unused tool sets within 60 days of purchase. Blossom estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2025, Bridgeport returned 6 tool sets and received a credit to its account.
(a)
(b1)
(b2)
Your answer is partially correct.
Indicate the balance sheet reporting by Blossom at March 31, 2025, of the information related to the Bridgeport sales transaction.
BLOSSOM COMPANY
Balance Sheet (Partial)
March 31, 2025
Accounts Receivable
Returned Inventory
$
11872
280