![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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![Transactions for Buyer and Seller
Wilmington Co. sold merchandise to Angelleti Co. on account, $158,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,280. Wilmington Co. paid freight of $2.700. Assume that all discounts are taken,
Journalize Wilmington 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-Angelleti Co.
155,624 V
Sales
155,624
Cost of Merchandise Sold
95,280 V
Merchandise Inventory
95,280
(b) Accounts Receivable-Angelleti Co.
Cash
(c) Cash
Accounts Receivable-Angelleti Co. V
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Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight.
Journalize Angelleti 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
Accounts Payable-Wilmington Co.
(b) Accounts Payable-Wilmington Co.
Cash
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Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight.
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Partially correct](https://content.bartleby.com/qna-images/question/ad1f2942-ad4d-4b6f-9c72-90c23d5f4c96/e8897e4b-3cd6-41fe-93a3-70ac5809b1d0/7cnsz5a_thumbnail.jpeg)
Transcribed Image Text:Transactions for Buyer and Seller
Wilmington Co. sold merchandise to Angelleti Co. on account, $158,800, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $95,280. Wilmington Co. paid freight of $2.700. Assume that all discounts are taken,
Journalize Wilmington 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-Angelleti Co.
155,624 V
Sales
155,624
Cost of Merchandise Sold
95,280 V
Merchandise Inventory
95,280
(b) Accounts Receivable-Angelleti Co.
Cash
(c) Cash
Accounts Receivable-Angelleti Co. V
Feedback
Check My Work
Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight.
Journalize Angelleti 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
Accounts Payable-Wilmington Co.
(b) Accounts Payable-Wilmington Co.
Cash
Feedback
Check My Work
Note who the buyer is and who the seller is. The payment is less returns and discounts, and discounts are not taken on returns. If applicable, determine whether the buyer or seller is to pay any freight.
Feedback
Partially correct
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