Instructions

On March $1,$ Sally Co$.$ sold merchandise to Buck Co$.$ on account, $$58,900,$ terms $\frac{2}{15},\frac{n}{30}.$ The cost of the merchandise sold is $$35,200.$ The merchandise was paid for on March $14.$ Assume all discounts are taken.

Required:

Journalize the entries for Sally Co$.$ and Buck Co$.$ for the sale, purchase, and payment of amount due. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.