Bruno Company (buyer) and Smith, Inc (seller), engaged in the following transactions during January 2016 Bruno Company DATE TRANSACTIONS 2016 Jan 8 Issued Check 2101 for $2,254 on account to Smith, Inc , in payment of Invoice 1885 dated December 30, 2015, less cash discount of $46 10 Purchased merchandise for $1,150 from Smith, Inc , Invoice 1920 terms 2 10, n 30 15 Received Credit Memorandum 320 from Smith, Inc , for damaged merchandise totaling $300 that was returned the goods were purchased on Invoice 1920, dated January 10 19 Paid amount due to Smith, Inc , for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130 30 Purchased merchandise for $2,500 from Smith, Inc , Invoice 1950 terms 2 10, n 30 GENERAL LEDGER ACCOUNTSBRUNO COMPANY 201 Accounts Payable, $2,300 Cr ACCOUNTS PAYABLE LEDGER ACCOUNTBRUNO COMPANY Smith, Inc , $2,300 Smith, Inc DATE TRANSACTIONS 2016 Jan 8 Received payment of $2,254 on account from Bruno Company in payment of Invoice 1885 dated December 30, 2015, less cash discount of $46 10 Sold merchandise for $1,150 on account to Bruno Company, Invoice 1920, terms 2 10, n 30 15 Issued Credit Memorandum 320 to Bruno Company for damaged merchandise totaling $300 that was returned the goods were purchased on Invoice 1920, dated January 10 19 Received payment from Bruno Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount 30 Sold merchandise for $2,500 to Bruno Company, Invoice 1950 terms 2 10, n 30 GENERAL LEDGER ACCOUNTSSMITH, INC 111 Accounts Receivable, $2,300 Dr ACCOUNTS RECEIVABLE LEDGER ACCOUNTSMITH, INC Bruno Company, $2,300 3 Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bruno Company Enter the balances as of January 1, 2016 4 Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Smith, Inc Enter the balances as of January 1, 2016 Analyze What is the balance of the accounts payable for Smith, Inc , in the Bruno Company accounts payable subsidiary ledger What is the balance of the accounts receivable for Bruno Company in the Smith, Inc , accounts receivable subsidiary ledger

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Bruno Company (buyer) and Smith, Inc. (seller), engaged in the following transactions during January 2016: Bruno Company DATE TRANSACTIONS 2016 Jan. 8 Issued Check 2101

Bruno Company (buyer) and Smith, Inc. (seller), engaged in the following transactions during January 2016:

Bruno Company

DATE		TRANSACTIONS
2016
Jan.	8	Issued Check 2101 for $2,254 on account to Smith, Inc., in payment of Invoice 1885 dated December 30, 2015, less cash discount of $46.
	10	Purchased merchandise for $1,150 from Smith, Inc., Invoice 1920; terms 2/10, n/30.
	15	Received Credit Memorandum 320 from Smith, Inc., for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10.
	19	Paid amount due to Smith, Inc., for Invoice 1920 of January 10, less the return of January 15 and less the cash discount, Check 2130.
	30	Purchased merchandise for $2,500 from Smith, Inc., Invoice 1950; terms 2/10, n/30.

GENERAL LEDGER ACCOUNTSBRUNO COMPANY

201 Accounts Payable, $2,300 Cr.

ACCOUNTS PAYABLE LEDGER ACCOUNTBRUNO COMPANY

Smith, Inc., $2,300.

Smith, Inc.

DATE		TRANSACTIONS
2016
Jan.	8	Received payment of $2,254 on account from Bruno Company in payment of Invoice 1885 dated December 30, 2015, less cash discount of $46.
	10	Sold merchandise for $1,150 on account to Bruno Company, Invoice 1920, terms 2/10, n/30.
	15	Issued Credit Memorandum 320 to Bruno Company for damaged merchandise totaling $300 that was returned; the goods were purchased on Invoice 1920, dated January 10.
	19	Received payment from Bruno Company for Invoice 1920 of January 10, less the return of January 15 and less the cash discount.
	30	Sold merchandise for $2,500 to Bruno Company, Invoice 1950; terms 2/10, n/30.

GENERAL LEDGER ACCOUNTSSMITH, INC.

111 Accounts Receivable, $2,300 Dr.

ACCOUNTS RECEIVABLE LEDGER ACCOUNTSMITH, INC.

Bruno Company, $2,300.

Post the transactions to the appropriate accounts in the general ledger and the accounts payable subsidiary ledger for Bruno Company. Enter the balances as of January 1, 2016.

4.	Post the transactions to the appropriate accounts in the general ledger and the accounts receivable subsidiary ledger for Smith, Inc. Enter the balances as of January 1, 2016.

Analyze:

What is the balance of the accounts payable for Smith, Inc., in the Bruno Company accounts payable subsidiary ledger? What is the balance of the accounts receivable for Bruno Company in the Smith, Inc., accounts receivable subsidiary ledger?