Question

Transactions for Buyer and Seller Grayson Co. sold merchandise to Vargas Co. on account, $152,900, terms FOB shipping point, 2/10, 1/30. The cost of the merchandise sold is $91,740. Grayson Co. paid freight of $2,900. Assume that all discounts are taken Journalize Grayson 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 Receivable Vargas Co. 149,842 Sales 149.842 Cost of Merchandise Sold 91.740 Merchandise Inventory 91.740 (b) Sales Returns and Allowances Accounts Receivable-Vargas Co. (c) Cash 149.542 Accounts Receivable-Vargas Co. 149.842 Journalize Vargas 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) Merchandise Inventory 91.740 Accounts Payable-Grayson Co. 91.740 (b) Accounts Payable-Grayson Co. 149.842 Cash 149,842

pls solve for all

Answer 1

(a)	Accounts Receivable - Vargas Co.	149,842
	Sales		149,842
	Cost of Merchandise Sold	91,740
	Merchandise Inventory		91,740
(b)	Accounts Receivable - Vargas Co.	2,900
	Cash		2,900
(c)	Cash	149,842
	Accounts Receivable - Vargas Co.		149,842
(a)	Merchandise Inventory	152,742
	Accounts Payable - Grayson Co.		152,742
(b)	Accounts Payable - Grayson Co.	152,742
	Cash		152,742