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Grayson Co. sold merchandise to Angelleti Co. on account, $7,950, terms 2/15, n/30. The cost of merchandise sold is $4,770. Assume all discounts are takern

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Grayson Co. sold merchandise to Angelleti Co. on account, $7,950, terms 2/15, n/30. The cost of merchandise sold is $4,770. Assume all discounts are takern ournalize Grayson Co.'s entries for (a) the sale on account and (b) the collection of the amount due (a? Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due

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