Transactions for Buyer and Seller

Grayson Co. sold merchandise to Chang Co. on account, $8,600, terms 2/15, n/30. The cost of merchandise sold is $5,160. Grayson Co. issued a credit memo for $1,050 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $630.

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Journalize Grayson Co.'s entry for the payment of the amount due. For a compound transaction, if an amount box does not require an entry, leave it blank.

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Journalize Chang Co.'s entry for payment of the amount due. If an amount box does not require an entry, leave it blank.