You Are the Owner of Bright Blooms, a Local Florist/greenhouse

question 6

Essay

You are the owner of Bright Blooms, a local florist/greenhouse.Brandon Bibeau, president of the National Honor Society at Central High School, has written asking you to contribute a fresh flower arrangement for a silent auction to be held the 10th of next month.Proceeds from the auction will be used to fund scholarships for graduating seniors.Respond positively to Brandon's request.Supply details necessary to make this a complete message.

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Definitions:

Classified Balance Sheet

A financial statement that groups assets, liabilities, and equity into categorized sections for easier analysis.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.

Long-term Note Payable

A debt obligation that is due for repayment beyond one year's time, representing a form of long-term financing.

Prepaid Expense

Expenses paid in advance for goods or services to be received in the future, considered as an asset on the balance sheet until fully consumed or used.