On January 6, Compton Limited sold merchandise on account to Singh Inc. for $45,200, terms 2/10, n/30.

Question:

On January 6, Compton Limited sold merchandise on account to Singh Inc. for $45,200, terms 2/10, n/30. The merchandise originally cost Compton $26,500. On January 15, Singh paid the amount due. Both Compton and Singh use a perpetual inventory system.
Instructions
(a) Prepare the entries on Compton's books to record the sale and related collection.
(b) Prepare the entries on Singh's books to record the purchase and related payment.