Transactions for Buyer and Seller Ellis Co. sold merchandise to Chang Co. on account, $147,800, terms FOB shipping point, 230. The cost of the merchandise sold is $88,680. Ellis Co. paid freight of $2,500. Assume that all discounts are taken. Journalize Ellis Co.’s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank.