Journalize the Following Sales Transactions for Bryson Printing Equipment Using $\mathrm { n } / 30$

question 107

Essay

Journalize the following sales transactions for Bryson Printing Equipment using the periodic inventory system. Explanations are not required.
March 2: Bryson sold $45,B00 of printing equipment on account, credit terms $\mathrm { n } / 30$ .
March 5: Bryson received a $2,500 sales return of danaged goods from the customer.
March 11: Bryson received payment from the customer of the amount due.

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Definitions:

Reduction

The action of making something smaller or less in amount, degree, or size.

Interest Rate

The rate at which a borrower pays interest to a lender for the utilization of borrowed funds.

Mortgages

Loans specifically used to purchase real estate, in which the property itself serves as collateral against the borrowed funds.

Reduction

A decrease in the amount, extent, or size of something.