Grayson Co. sold merchandise to Vargas Co. on account, $6,250, terms 2/15, n/30. The cost of merchandise sold is $3,750. Grayson Co. issued a credit memo for $750 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned was $450.

Joumalize Grayson Co.'s entry for the payment of the amount due. For a compound transaction, if an amount box does not require an entry, leave it blank.

Joumalize Vargas Co.'s entry for payment of the amount due. If an amount box does not require an entry, leave it blank.

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Journal Entry In The books of Grayson Co Particulars Debit ... View the full answer