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Transactions for Buyer and Seller

Sievert Co. sold merchandise to Chang Co. on account, $150,400, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $90,240. Sievert Co. paid freight of $2,900. Assume that all discounts are taken.

Journalize Sievert Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank.

(a)

	Accounts Receivable-Chang Co.	Accounts Receivable-Chang Co.

	Sales	Sales

	Cost of Merchandise Sold	Cost of Merchandise Sold

	Merchandise Inventory	Merchandise Inventory
(b)

	Accounts Receivable-Chang Co.	Accounts Receivable-Chang Co.

	Cash	Cash
(c)

	Cash	Cash

Accounts Receivable-Chang Co.

Accounts Receivable-Chang Co.

Journalize Chang Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank