Saddlebag Co. sold merchandise to Bioscan Co. on account, $17,500, terms FOB shipping point, 2/10, n/30. The

Question:

Saddlebag Co. sold merchandise to Bioscan Co. on account, $17,500, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $10,000. Saddlebag Co. paid freight of $600 and later received the amount due within the discount period. Journalize Saddlebag Co.’s and Bioscan Co.’s entries for the payment of the amount due.