Question: Grant Company purchased merchandise on account from Spade Company. The selling price of the goods is $700, and the cost for the merchandise to Spice

Grant Company purchased merchandise on account from Spade Company. The selling price of the goods is $700, and the cost for the merchandise to Spice was $550. Spice Company's terms are net 30. Both companies use the perpetual inventory system. Journalize the transaction on the books of each company

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