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On September 12, Vandelay Company sold merchandise in the amount of $7,200 to Jepson Company,...

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Accounting

On September 12, Vandelay Company sold merchandise in the amount of $7,200 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,700. Jepson uses the periodic inventory system and the gross method of accounting for purchases. Jepson pays the invoice on September 18 and takes the appropriate discount. The journal entry that Jepson makes on September 18 is:

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