Transactions for Buyer and Seller

Wilmington Co. sold merchandise to Angelleti Co. on account, $6,450, terms 2/15, n/30. The cost of merchandise sold is $3,870. Assume all discounts are taken.

Journalize Wilmington Co.'s entries for (a) the sale on account and (b) the collection of the amount due.

(a)

(b)

Journalize Angelleti Co.'s entries for (a) the purchase of merchandise on account and (b) the payment of the amount due.

(a)