Transactions for Buyer and Seller

Grayson Co$.$ sold merchandise to Vargas Co$.$ on account, $$156,800,$ terms FOB shipping point, $2/10,$ n$/30.$ The cost of the merchandise sold is $$94,080.$ Grayson Co$.$ paid

freight of $$2,100.$ Assume that all discounts are taken.

Journalize Grayson Co$.\text{'}$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

$($b$)$

$($c$)$

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

$($a$)$

$($b$)$