Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of merchandise sold is $5,550. Assume all discounts are taken. Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due. (a) Accounts Receivable-Chang Co. fill in the blank 7561bb04b07ffb2_2 Sales fill in the blank 7561bb04b07ffb2_4 Cost of Merchandise Sold fill in the blank 7561bb04b07ffb2_6 Merchandise Inventory fill in the blank 7561bb04b07ffb2_8 (b) Cash fill in the blank 7561bb04b07ffb2_10 Accounts Receivable-Chang Co. fill in the blank 7561bb04b07ffb2_12 Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due. (a) Merchandise Inventory fill in the blank 7379b107704bfa1_2 Accounts Payable-Grayson Co. fill in the blank 7379b107704bfa1_4 (b) Accounts Payable-Grayson Co. fill in the blank 7379b107704bfa1_6 Cash fill in the blank 7379b107704bfa1_8
Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of merchandise sold is $5,550. Assume all discounts are taken. Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due. (a) Accounts Receivable-Chang Co. fill in the blank 7561bb04b07ffb2_2 Sales fill in the blank 7561bb04b07ffb2_4 Cost of Merchandise Sold fill in the blank 7561bb04b07ffb2_6 Merchandise Inventory fill in the blank 7561bb04b07ffb2_8 (b) Cash fill in the blank 7561bb04b07ffb2_10 Accounts Receivable-Chang Co. fill in the blank 7561bb04b07ffb2_12 Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due. (a) Merchandise Inventory fill in the blank 7379b107704bfa1_2 Accounts Payable-Grayson Co. fill in the blank 7379b107704bfa1_4 (b) Accounts Payable-Grayson Co. fill in the blank 7379b107704bfa1_6 Cash fill in the blank 7379b107704bfa1_8
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transactions for Buyer and Seller
Grayson Co. sold merchandise to Chang Co. on account, $9,250, terms 2/15, n/30. The cost of merchandise sold is $5,550. Assume all discounts are taken.
Journalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due.
(a) | fill in the blank 7561bb04b07ffb2_2 | ||
Sales | fill in the blank 7561bb04b07ffb2_4 | ||
Cost of Merchandise Sold | fill in the blank 7561bb04b07ffb2_6 | ||
Merchandise Inventory | fill in the blank 7561bb04b07ffb2_8 | ||
(b) | Cash | fill in the blank 7561bb04b07ffb2_10 | |
Accounts Receivable-Chang Co. | fill in the blank 7561bb04b07ffb2_12 |
Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.
(a) | Merchandise Inventory | fill in the blank 7379b107704bfa1_2 | |
Accounts Payable-Grayson Co. | fill in the blank 7379b107704bfa1_4 | ||
(b) | Accounts Payable-Grayson Co. | fill in the blank 7379b107704bfa1_6 | |
Cash | fill in the blank 7379b107704bfa1_8 |
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