On January 6, Compton Limited sold merchandise on account to Singh Inc. for $45,200, terms n/30. The merchandise originally cost Conpton $26,500. On January 25, Singh paid the amount due. Compton and Singh use a perpetual inventory system.

Prepare the entries on Singh's books to record the purchase and related payment.

Prepare the entries on Singh's books to record the purchase and related payment. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts. Record entries in the order displayed in the problem statement.)