ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS Exercise 7-7 During February, B

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ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS

Exercise 7-7 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. Sold merchandise inventory for cash, $860 (cost, $640). Collected interest revenue of $80 Received cash from Curtis Co. in full settlement of its account receivable. There was no discount. Sold merchandise inventory on account to Delgado C invoice no. 402 for $440 (cost, $330). 12 15 20 Sold merchandise inventory for cash, $560 (cost $420). 26 28 Sold office supplies to an employee for cash of $80. 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. Chapter 7 A

Explanation / Answer

1.

Cash Receipts journal of Bryant Corporation for the month of February

Journal

2.

Date Accounts
Credited Explanation PR Cash
Dr. Sales
Disc.
Dr. Accts.
Rec.
Cr. Sales
Cr. Other
Accts.
Cr.

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