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210nl × Leami Yahoo Search Textbook Solutions VtakeAssign ignmentMaindo?inwoker-assignments&take; or: assignment takeanprogress-talse M ? | eBock Show Me How Calculator Print Item Transactions for Buyer and Seller Wilmington Co. sold merchandise to Chang Co. on account, $5,650, terms 2/15, n/30. The cast of merchandise sold is $3,390. Assume all discounts are taken. Journalize Wllmington Co.'s entries for (a) the sale on account and (b) the collection of the amount due. Journalize Chang Co.'s entries for (a) the purchase of merchandise on account and (b) the p (Pi PreMous Next Check My Work 2 more Check My Work uses remaining 259 PM QDle??

Explanation / Answer

Journal entries in the books of Wilmington company

2.Journal entries In the books of Chang Co

S.No Account Title and explanation Debit Credit 1 Accounts Receivable($5650-($5650*2%)) $5537 Sales $5537 2 Cost of Merchandise sold $3390 Merchandise Inventory $3390 3 Cash $5537 Accounts Receivable-Chang Co $5537

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