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Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally,...

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Accounting

Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, short-term notes payable are used to obtain cash for current use. The following transactions were selected from those occurring during the year: On January 10, purchased merchandise on credit for $22,500. The company uses a perpetual inventory system. On March 1, borrowed $49,000 cash from City Bank and signed a promissory note with a face amount of $49,000, due at the end of six months, accruing interest at an annual rate of 8.00 percent, payable at maturity. Required: For each of the transactions, indicate

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