CengagexCengageNOWv2 | Online teachin x b Dashboard | bartlebyXQACCT ch 6 Flashcards Quizlet←→Câhttps://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in.Ch 6-2 Practice ExerciseseBookShow Me HovwCalculatorPrint ItemmTransactions for Buyer and SellerGrayson Co. sold merchandise to Angelleti Co. on account, $5,300, terms 2/15, n/30. The cost of merchandise sold is $3,180. Assume all discounts are takenJournalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount dueMerchandise Inventory x5,300| XAccounts Payable-Angelleti Co. x5,300 | XCash x3,180Sales Discounts x3,180Cost of Merchandise Sold x5,300| XMerchandise Inventory x5,300 | XFeedbackJournalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount dueMerchandise Inventory3,180XAccounts Payable-Grayson Co. V/3,180 | X(b) Accounts Payable-Grayson Co.3,180 | XCash3,180 | XFeedbackFeedbackCheck My Work1 more Check My Work uses remainingPreviousNextAssignment Score: 48.33%All work savedEmail InstructorSave and Exit Submit Assignment for Grading1:52 PMTvpe here to search2/16/2019

Question
Asked Feb 16, 2019

Hi, I'm pretty stuck on this problem. I thought I had labeled the journal entries in the correct format but its saying I have all the names wrong for the first part as well as the values for pretty much everything. How would I solve for this? Can you walk me through how to find the values and how the journal entries would be labeled? I have attached a screen grab of the question. Thanks!

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xCengageNOWv2 | Online teachin x b Dashboard | bartleby
XQACCT ch 6 Flashcards Quizlet
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C
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https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in.
Ch 6-2 Practice Exercises
eBook
Show Me Hovw
Calculator
Print Itemm
Transactions for Buyer and Seller
Grayson Co. sold merchandise to Angelleti Co. on account, $5,300, terms 2/15, n/30. The cost of merchandise sold is $3,180. Assume all discounts are taken
Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due
Merchandise Inventory x
5,300| X
Accounts Payable-Angelleti Co. x
5,300 | X
Cash x
3,180
Sales Discounts x
3,180
Cost of Merchandise Sold x
5,300| X
Merchandise Inventory x
5,300 | X
Feedback
Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due
Merchandise Inventory
3,180X
Accounts Payable-Grayson Co. V/
3,180 | X
(b) Accounts Payable-Grayson Co.
3,180 | X
Cash
3,180 | X
Feedback
Feedback
Check My Work
1 more Check My Work uses remaining
Previous
Next
Assignment Score: 48.33%
All work saved
Email InstructorSave and Exit Submit Assignment for Grading
1:52 PM
Tvpe here to search
2/16/2019
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Cengage xCengageNOWv2 | Online teachin x b Dashboard | bartleby XQACCT ch 6 Flashcards Quizlet ← → C â https://v2.cengagenow.com/rn/takeAssignment takeAssignmentMain doinvoker-assignments&takeAssignmentSessionLocator-assignment take&in. Ch 6-2 Practice Exercises eBook Show Me Hovw Calculator Print Itemm Transactions for Buyer and Seller Grayson Co. sold merchandise to Angelleti Co. on account, $5,300, terms 2/15, n/30. The cost of merchandise sold is $3,180. Assume all discounts are taken Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due Merchandise Inventory x 5,300| X Accounts Payable-Angelleti Co. x 5,300 | X Cash x 3,180 Sales Discounts x 3,180 Cost of Merchandise Sold x 5,300| X Merchandise Inventory x 5,300 | X Feedback Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due Merchandise Inventory 3,180X Accounts Payable-Grayson Co. V/ 3,180 | X (b) Accounts Payable-Grayson Co. 3,180 | X Cash 3,180 | X Feedback Feedback Check My Work 1 more Check My Work uses remaining Previous Next Assignment Score: 48.33% All work saved Email InstructorSave and Exit Submit Assignment for Grading 1:52 PM Tvpe here to search 2/16/2019

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Here Grayson company is using th net sales method of recording the enntry where the sales is recorded net of discount in anticipation that the purchaser will avail off the discount. Therefore, no disc...

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