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question sampson co sold merchandise to batson co on account 46 000 terms 2 15 net 4 4291209

Question

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.

Prepare the entries that Batson Company would record for the information above.

a.

Accounts Receivable-Batson Co.

 

 

 

Sales

 

 

b.

Cost of Goods Sold

 

 

 

Inventory

 

 

c.

 

 

 

 

 

 

 

 

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