Transactions for Buyer and Seller

Sievert Co. sold merchandise to Rather Co. on account, $148,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,280. Sievert Co. paid freight of $2,600. Assume that all discounts are taken.

Question Content Area

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 PayableAccounts Receivable-Rather Co.CashSalesSales Returns and Allowances
	Accounts PayableAccounts Receivable-Rather Co.CashSalesSales Returns and Allowances	- Select -	- Select -
blank	Accounts PayableCost of Merchandise SoldSales DiscountsSales Returns and AllowancesTransportation Out	- Select -	- Select -
	Accounts PayableAccounts Receivable-Rather Co.CashMerchandise InventorySales Returns and Allowances	- Select -	- Select -
(b)	Accounts PayableAccounts Receivable-Rather Co.CashSales ReturnsSales Returns and Allowances	- Select -	- Select -
	Accounts PayableAccounts Receivable-Rather Co.CashSales ReturnsSales Returns and Allowances	- Select -	- Select -
(c)	Accounts PayableCashCost of Merchandise SoldMerchandise InventorySales	- Select -	- Select -
	Accounts PayableAccounts Receivable-Rather Co.Cost of Merchandise SoldSales ReturnsSales Returns and Allowances	- Select -	- Select -

Question Content Area

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

(a)	Accounts Payable-Sievert Co.Accounts ReceivableCost of Merchandise SoldMerchandise InventorySales	- Select -	- Select -
	Accounts Payable-Sievert Co.Accounts ReceivableCashMerchandise InventorySales	- Select -	- Select -
(b)	Accounts Payable-Sievert Co.Accounts ReceivableCashMerchandise InventorySales	- Select -	- Select -
	Accounts Payable-Sievert Co.Accounts ReceivableCashCost of Merchandise SoldSales	- Select -	- Select -