Question
1. Ellis Co. sold merchandise to Chang Co. on account, $156,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $94,080.
1. Ellis Co. sold merchandise to Chang Co. on account, $156,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $94,080. Ellis Co. paid freight of $2,200. Assume that all discounts are taken.
- Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due.
- Journalize Chang Co.'s entries for (a) sale, and (b) payment of amount due.
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College Accounting, Chapters 1- 15
Authors: James A. Heintz, Robert W. Parry
23rd Edition
0357391942, 9780357391945
