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Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45....

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Question

Accounting

Sampson Co. sold merchandise to Batson Co. on account,
$46,000, terms 2/15, net 45. The cost of the merchandise sold is
$38,500. The Batson Co. paid the invoice within the discount
period. Prepare the entries that both Sampson and Batson
Companies would record for the above.

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