Business, 17.04.2020 03:14, mihirkantighosh

Bryant Company sells a wide range of inventories, which are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year. a. On January 10, purchased merchandise on credit for $30,500. The company uses a perpetual inventory system. b. On March 1, borrowed $65,000 cash from City Bank and signed a promissory note with a face amount of $65,000, due at the end of six months, accruing interest at an annual rate of 9.00 percent, payable at maturity.

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