During February, Bryant Corporation had the following transactions: Feb. 1 Sold merchandise inventory on account to Curtis

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During February, Bryant Corporation had the following transactions:
Feb. 1 Sold merchandise inventory on account to Curtis Co., $1,025.
Cost of goods, $780. Invoice no. 401.
6 Sold merchandise inventory for cash, $860 (cost, $640).
12 Collected interest revenue of $80.
15 Received cash from Curtis Co. in full settlement of its account receivable. There was no discount.
20 Sold merchandise inventory on account to Delgado Co., issuing invoice no. 402 for $440 (cost, $330).
22 Sold merchandise inventory for cash, $560 (cost $420).
26 Sold office supplies to an employee for cash of $80.
28 Received $431 from Delgado Co. in full settlement of its account receivable. Delgado earned a discount by paying early. Terms are 2/10, n/15.
Required
1. Prepare headings for the company's sales journal. Journalize the transactions that should be recorded in the sales journal. (Round the sales discount to a whole dollar.) Assume the company uses a perpetual inventory system.
2. Total each column of the sales journal.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Horngrens Accounting

ISBN: 978-0133855371

10th Canadian edition Volume 1

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood

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