ransactions for Buyer and Seller Wilmington Co. sold merchandise to Angelleti Co. on account, $147,700, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,620. Wilmington Co. paid freight of $2,800. Assume that all discounts are taken. Journalize Wilmington 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.

Which of the following best explains the purpose of protectionist trade policies such as tariffs and subsidies? a. they make sure that governments have enough money to pay for fiscal policies. b. they give foreign competitors access to new markets around the world. c. they allow producers to sell their products more cheaply than foreign competitors. d. they enable producers to purchase productive resources from everywhere in the world.