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Grayson Co. sold merchandise to Vargas Co. on account, $5,300, terms 2/15, n/30. The cost of merchandise sold is $3,180. Assume all discounts are taken.

Grayson Co. sold merchandise to Vargas 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.

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Journalize Vargas Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due

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