The trial balance of Pina Colada Corp. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $18,930; Purchases $230,920; Sales Revenue $205,600; Freight-In $8,490; Sales Returns and Allowances $4,650;
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Ayayai Corp. issued 3,200 5%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1. (a) Prepare the journal entry to record the sale of these bonds on January 1, 2022.
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