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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
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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
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