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

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Accounting

ANSWER ALL THE PARTS. NEED DETAILED EXPLANATIONS

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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

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