Transactions for Buyer and Seller Ellis Co. sold merchandise to Rather Co. on account, $9,300, terms 2/15, n/30. The cost of merchandise sold is $5,580. Assume all discounts are taken Journalize Ellis Co.'s entries for (a) the sale on account and (b) the collection of the amount due. (6) Journalize Rather Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due. (b) Freight Terms Determine the amount to be paid in full settlement of each of two invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. If required, round the answers to the nearest dollar. Merchandise Freight Terms Freight Paid by Seller $100 Returns and Allowances $9,200 $1,400 FOB shipping point, 2/10, 1/30 FOB destination, 1/10, 1/30 b . 900 3,400 200 Gross Profit During the current year, merchandise is sold for $142,100 cash and $404,900 on account. The cost of merchandise sold is $399,300. What is the amount of the gross profit