Transactions for Buyer and Seller Ellis Co. sold merchandise to Vargas Co. on account, $156,500, terms FOB shipping point, 2/10, 1/30. The cost of the merchandise sold is $93,900. Ellis Co. pald freight of $2,200. Assume that all discounts are taken Journalize Ellis 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-Vargas Co. Sales Cost of Merchandise Sold Merchandise Inventory (b) Accounts Receivable-Vargas Co. Cash III Il (c) Cash Accounts Receivable Vargas Co. Check My Work Journalize Vargas Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blan (a) Merchandise Inventory Accounts Payable-Ellis Co. (b) Accounts Payable-Ellis Co. Cash