Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The...
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Accounting
Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45.
The cost of the goods sold is $38,500.
The Batson Co. paid the invoice within the discount period.
Assume both Sampson and Batson use a perpetual inventory system.
If no entry is required, select "No entry required" and leave the amount box blank.
Prepare the entries that Sampson Company would record for the information above.
| a. | Accounts Receivable-Batson Co. | ||
| Sales | |||
| b. | Cost of Goods Sold | ||
| Inventory | |||
| c. | |||
Prepare the entries that Batson Company would record for the information above.
| a. | |||
| b. | |||
| c. | |||
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