Transactions for Buyer and SellerGrayson 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_12Journalize 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

The term 2/15, n/30 is used to state the discount policy and the credit period of sales. It means…

Answered: Grayson Co. sold merchandise to Chang…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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)	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

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