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